Alfa Laval proposes to buy all outstanding shares in Alfa Laval India Ltd and seek delistingMonday, 19 September 2011
Alfa Laval – a world leader in heat transfer, centrifugal separation and fluid handling – aims to obtain full ownership of its subsidiary Alfa Laval India Ltd and seek delisting of the shares from the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
The proposal comes on the back of regulatory changes in India which requires Alfa Laval India Ltd to have a minimum public float of 25 percent, or seek delisting. At present, Alfa Laval holds 88.8 percent of the share capital of Alfa Laval India, meaning the public float is 11.2 percent.
The objective is to achieve full ownership of the subsidiary, which will provide Alfa Laval with increased operational flexibility to support the business and meet the customers’ needs.
Alfa Laval has requested that the Board of Directors of Alfa Laval India Ltd. take all actions required under the delisting regulations, including convening a meeting of the shareholders to consider the delisting proposal.
The delisting process is expected to take approximately three months.
Based on a press release from the company
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