Alfa Laval India hits 52-week high on delisting plans; stock up 18%Posted on Monday, September 19, 2011 - 12:36 pm
Alfa Laval India Ltd touched an intraday high of Rs 2357.80 and an intraday low of Rs 2105.05. At 12:23 p.m., the company's shares were trading 18.9% higher at Rs 2337.60. For the year the stock has surged over 90% on the BSE.
The company announced the board-meet on 'delisting proposal' after market hours on Friday, 16 September 2011.
Sweden-based parent Alfa Laval Corporate AB, which holds 16,120,281 shares or 88.77% stake in Alfa Laval (India), has proposed a voluntary delisting of the shares of Alfa Laval (India) from the stock exchanges.
In accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009), the parent will make a delisting offer to the public shareholders of the company to acquire up to 2,040,202 shares, constituting 11.23% of the paid-up equity share capital.
The promoter of the company currently holds 16,120,281 shares in the company, constituting 88.77% of the company's paid-up equity share capital.