Stockholm, Sweden, March 18, 2011: Atlas Copco AB has decided to acquire
at least 50% of all shares it does not already own in its subsidiary
Atlas Copco (India) Limited, and will apply for the delisting of its
shares from Indian exchanges.
On February 18, Atlas Copco AB invited public shareholders of Atlas
Copco (India) Limited to submit offers for the sale of their shares.
Atlas Copco AB will initially acquire about 1.8 million shares at 2 750
Rupees per share, for a total approximately BINR 5 (MSEK 700). This will
bring Atlas Copco AB's shareholding in Atlas Copco (India) Limited to
92%, from 84% previously.
“This investment is in line with the Group's policy of having wholly
owned foreign subsidiaries, and offers us greater operational
flexibility in India,” says Hans Ola Meyer, Chief Financial Officer of
Atlas Copco AB.
Atlas Copco will submit an application for delisting to the Bombay Stock
Exchange and the Pune Stock Exchange. Upon approval, all remaining
public shareholders in Atlas Copco (India) Limited will have an option
to divest their shares to Atlas Copco AB at 2 750 Rupees per share for
the coming 12 months. Atlas Copco anticipates that part of the
outstanding shares will be tendered during this period.
Financial market regulations in India require publicly listed companies
to have a public shareholding of at least 25% by June 2013, or apply for
delisting. A delisting requires the purchase of at least 50% of
outstanding shares, and at least 90% ownership.
For further information please contact:
Hans Ola Meyer, Chief Financial Officer
+46 (0)8 743 8292 or +46 (0)70 588 8292
Daniel Frykholm, Media Relations Manager
+46 (0)8 743 8060 or +46 (0)70 865 8060