SKF hikes stake in Indian unit

Leading Swedish roller and ball bearing maker Aktiebolaget SKF today acquired majority stake in its Indian subsidiary - SKF India - with the aqcuisition of an additional 7.27% stake taking its overall holding to 53.58%.

Aktiebolaget SKF, along with its subsidiaries Aktiebolaget S A Des roulements and SKF UK, acquired 38,32,790 shares of the enhanced capital of SKF India, according to a statement released by SKF India to the NSE today.

"The mode of acquisition is by way of conversion of warrants into equity shares. The shareholding of Aktiebolaget SKF and its subsidiaries after the said acquisition is 2,82,54,568 shares aggregating 53.58% of the total paid-up capital of SKF India," the release added.