Financial Daily from THE HINDU group of publications
Friday, Sep 17, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 17, 2004 |
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Corporate
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Mergers & Acquisitions 4 Tata cos get nod to sell stake in Tata Honeywell Ambarish Mukherjee
New Delhi , Sept. 16 FOUR Tata group companies have been permitted to sell their respective stakes in Tata Honeywell Ltd to the company's foreign partner, namely Honeywell Asia Pacific Inc. The four Tata group companies, namely, Tata Power, Tata Chemicals, Tata Industries and Tata Steel together hold 35,91,225 equity shares in Tata Honeywell accounting for 40.62 per cent stake in the company while the foreign partner holds another 40.62 per cent stake in the company. Other resident shareholders hold another 18.46 per cent stake in the company. NRIs and FIIs hold 0.3 per cent stake in the company. The Foreign Investment Promotion Board (FIPB) recently approved the transaction. The shares will be acquired at Rs 350 per share. Following the acquisition, Honeywell Asia Pacific's stake in the company will go up to 81.24 per cent. Tata Honeywell was established in 1988 to provide automation and control technology to the industrial and building sectors. The company, currently, supplies industrial automation and control solutions to core industries such as petrochemicals, refining, oil and gas, mining, metals and power.
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