German firm Robert Bosch GmbH today said it plans to delist its Indian entity, Bosch Chassis Systems India, and has fixed a floor price of Rs 600 a piece for buying the stake from public shareholders.
The acquirer has accepted the exit price of Rs 600 per share pursuant to the delisting offer made through reverse book building process, that opened on August 4 and closed on August 8, auto ancillary firm Bosch Chassis said in a filing to the Bombay Stock Exchange.
Accordingly, the German firm would accept all the bids at or below the exit price and the final settlement date with the BSE for the equity shares held in dematerialised form is August 13.
While, for equity shares in physical form the offer would open on August 14 and close on August 28.
Earlier, on July 17, the German firm Robert Bosch GmbH had made a open offer to the shareholders of Bosch Chassis Systems India for acquiring 20 per cent stake in the company at a maximum price of Rs 600 per share.
The Germany-based firm is the holding company of Robert Bosch LLC and Robert Bosch Investment Nederland B V, the promoters of Bosch Chassis Systems India.
Promoter holding in Bosch Chassis Systems India is 80 per cent of the total issued equity share capital of the company and post-offer the promoter shareholding in Bosch Chassis Systems India would increase to 100 per cent.
This would accordingly lead to the delisting of fully paid up equity shares of the company from the Bombay Stock Exchange and the National Stock Exchange.
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Shares of the company surged nearly 2 per cent and witnessed an intra-day high of Rs 590 on the Bombay Stock Exchange.
The scrip of the company closed at Rs 584, up 0.71 per cent in late afternoon trade.