Financial Daily from THE HINDU group of publications
Friday, Jul 19, 2002
Financial Daily from THE HINDU group of publications Friday, Jul 19, 2002 |
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Corporate
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Open Offers Carrier Corp stake in Indian arm tops 90 pc Our Bureau
MUMBAI, July 18 CARRIER Corporation has acquired over 90 per cent stake in its Indian subsidiary, Carrier Aircon Ltd, through an open offer. It intends to delist the Indian company following a mandatory offer which it will make before October 15, 2002 as per SEBI requirements. Carrier Mauritius and Carrier Corporation had made a voluntary offer to buy 3,212,268 shares from the minority shareholders of Carrier Aircon Ltd at a price of Rs 100 per share aggregating Rs 32 crore. The offer, which was managed by DSP Merrill Lynch, opened on June 17 and closed on July 16. This offer followed an earlier open offer announced by Carrier Mauritius last year which resulted in the parent's holding in the Indian company increasing from 51 per cent to over 68 per cent. The mandatory offer, which the company will make before October 15, will also be at the same price of Rs 100 per share. Carrier Aircon is engaged in the business of manufacturing, distribution and servicing of air-conditioning equipment and undertaking installation and maintenance of air-conditioning projects. Carrier Corporation is a manufacturer of commercial and residential heating, ventilating and air-conditioning (HVAC) systems and equipment. It also produces commercial and transport refrigeration equipment and provides after-market service and components for HVAC and refrigeration industries.
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