Ingersoll fixes floor price for share buy-back

Ingersoll-Rand announced late last night that the company plans to buy-back its outstanding equity and de-list its shares from the Indian brouses.

According to a release issued by Ingersoll to the BSE, the parent company - Ingersoll-Rand of Bermuda - has announced a floor price of Rs 344.95 per share for the buy-back of 82,08,000 equity shares, representing 26% of the equity share capital, of Rs 10 each. Subsequent to the buy-back the shares will be delisted from the brouses.

The bidding for price discovery will be on from March 13 - 17. The announcement of the discovered price and the acquirers acceptance / non-acceptance of the discovered price will be made on March 21, 2006.

The stock had yesterday closed at Rs 375 on the BSE.