Bosch may raise open offer price for its Indian subsidiary MICO - report |
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Thu, 21 Jun 2007 07:17
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MUMBAI (Thomson Financial) - German auto parts maker Robert Bosch GMBH is set to increase the open offer price for its Bangalore-based subsidiary Motor Industries Company Ltd (MICO) to 5,000-5,500 rupees a share from 4,000 rupees, the Hindustan Times reported.On April 26, Bosch had said it would buy a 20 pct stake in MICO from the open market at 4,000 rupees a share, higher than the market price of 3,500 rupees, to increase its holding from the current 60.5 pct to 80.5 pct.Hard bargaining by public sector insurance companies like Life Insurance Corp, General Insurance Corp and others, who together own a 13 pct stake in MICO, forced Bosch to revise the open offer price, the paper said citing sources in insurance companies.The offer that opened yesterday closes on July 9. MICO has no plans to de-list from the Indian stock exchanges, which requires a 90 pct promoter holding for a scrip to exit, the report said.TFN.newsdesk@thomson.comypv/man/ejpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Bosch offers 72 eur/shr to raise stake in India's Mico to 80 pct 