11.08.2005

Ingersoll-Rand looks to buy Indian shares

Ingersoll-Rand Company Limited has announced an offer for the outstanding publicly held shares of its Indian-based subsidiary Ingersoll-Rand India Limited. Ingersoll-Rand already owns 74 percent of the shares nut believes that by acquiring the balance and making it a wholly owned operation will provide additional operational flexibility to support its business and meet the needs of its customers.

Ingersoll-Rand says it is prepared to acquire the shares at Rs.325 per share subject to all approvals being obtained, and assuming that it can acquire the number of shares required for delisting. The offer price is set at a premium of 16 percent on Tuesday’s closing price and is above the highest closing price for the shares in the last five years