ABB plans Rs 4,400-cr buyback offer to raise stake to 75%

摘要

ABB, a global power and automation technology group, will offer shareholders of ABB Ltd, its listed subsidiary in India, Rs 900 per share to increase stake in the company to 75 per cent from the present 52.1 per cent. The aim is to facilitate the long-term development of ABB's business in the country, the company said in a filing today.rnThe parent company hopes to buy back 48.51 million shares of ABB Ltd, which when fully accepted will see ABB paying out close to Rs 4,400 crore to increase its shareholding to 75 per cent. At present, ABB Group holds 97.8 million shares of its Indian subsidiary. ABB further said it had no plan to delist the Indian arm in the near future.