New Delhi, March 2 (Coal Geology) Atlas Copco, the Indian arm of the Sweden-based Atlas Group, Wednesday said it had decided to delist its stock from Indian bourses as the firm’s promoter sought to obtain full ownership.
The delisting offer, made through the reverse book-building process, opens March 7, the company said in a statement. The offer closes March 11.
The company is listed on the Bombay Stock Exchange (BSE) and Pune Stock Exchange (PSE) since 1972.
Atlas Copco AB, Sweden, has communicated an indicative offer price of Rs.2,250 per equity share and the floor price for the delisting offer is Rs.1,426 per equity share.
Atlas Copco AB, the parent firm and promoter of the company, owns 83.77 percent of the total paid up equity share capital of the company.
‘Atlas Copco has opted for delisting process to obtain full ownership of the company. Atlas Copco AB intends to acquire the balance 16.23 percent of the public shareholding,’ the statement said.
While the floor price is Rs.1,426 per equity share, Atlas Copco AB has communicated an indicative offer price of Rs.2,250 per equity share after considering the prevailing market conditions and with a view to reward the shareholders.
Atlas Copco Sweden is an industrial group with leading position in compressors, construction and mining equipment, power tools and assembly systems. The company is primarily engaged in the business of engineering and rental of engineering products.