In a filing with the BSE, Alfa Laval India stated that the decision to raise the delisting offer price was made after considering the prevailing market conditions and with the aim of rewarding shareholders.
However, the company emphasized that the offer price should not be interpreted as a maximum price for the reverse book-building process, and public shareholders are free to tender their equity shares at any price higher than the indicative offer price.
Following this announcement, the company’s shares witnessed a surge of 14.40 per cent, closing at Rs 2,710.85 per share on the BSE. The stock also reached a 52-week high of Rs 2,742 during intra-day trading.
Alfa Laval (India), which specializes in heat transfer, separation, and fluid handling technologies, will be delisted from the BSE and the National Stock Exchange. In September 2011, the company’s board had accepted the delisting proposal and set a floor price of Rs 2,045 per share to acquire the outstanding public float. Alfa Laval (India) had previously announced that the promoter firm would make a delisting offer to acquire up to 2,040,202 shares, which represent an 11.23 per cent stake in the domestic entity.
Currently, the promoter company holds an 88.77 per cent stake in Alfa Laval (India).