ABB, the leading energy and mechanization technology group, announce today that it will offer shareholders of ABB Limited, its listed supplementary in India, Rs. 900 per share to increase its stake in the company from about 52 percent to 75 percent.
The purpose of the speculation is to facilitate long-term expansion of ABB's business in India.
The offers represent a premium of around 34 per cent from Friday's closing price and 14 percent more than the obligatory minimum required under Indian law. The potential total value of the business at the offer price is approximately Rs. 44,000000000 ($ 965,000,000)
Subject to final approvals, the offer is expected to start on July 8, 2010 and ending 27 July 2010.Payment for the shares is expected to take place on 10 August 2010. Shares listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.
Offer will be managed by HSBC Securities and Capital Markets (India) Pvt. Ltd, the company said.
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