GE Energy Europe has made an open offer to power equipment maker Alstom T&D India for buying 25 per cent stake in the company for Rs 1,672.3 crore.
"GE Energy Europe has made an open offer for the acquisition of up to 64 crore shares, representing 25 per cent of the total paid-up equity share capital of Alstom T&D India," Alstom T&D said in a regulatory filing to the stock exchanges.
The valuation of the open offer is about Rs 1,672.3 crore, calculated at a price of Rs 261.25 per share of Alstom T&D India - a subsidiary of the French firm Alstom.
GE has made an offer to Alstom to acquire its energy activities for euro 12.35 billion or USD 17 billion, which the French firm is considering.
The scope of the proposed GE transaction includes the thermal power, renewable power and grid sectors, as well as corporate and shared services. Proceeds from the sale will be used mainly to expand Alstom's transport business.
The Alstom board has decided to set up a committee of independent directors, led by Jean-Martin Folz, to review the proposed transaction with GE before the end of May, taking into consideration the interests of all stakeholders, including the French government.
Alstom T&D India scrip closed at Rs 270, down 0.44 per cent, on the BSE.
