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Sandvik AB makes open offer at Rs 850

Our Bureau

MUMBAI, Dec.12

SWEDISH high-tech engineering firm Sandvik AB is to make an open offer to acquire 10.70 per cent of its Indian subsidiary Sandvik Asia Ltd (SAL) at a price of Rs 850 per share.

In a notification to the stock exchanges, the company has said the open offer is to acquire 212,960 shares of Rs 100 each representing 10.70 per cent of the paid up share capital of SAL. The offer will cost Sandvik AB, Rs 18.1 crore. With this offer, San dvik AB will hold 99.61 per cent in its Indian subsidiary.

Sandvik AB, promoter of SAL along with its associate companies presently holds 17,69,026 shares of Rs 100 each representing 88.91 per cent of the paid up share capital of SAL.

The offer will open on February 11 and close on March 13.