The Hindu Business Line : SKF drops delisting plans

MUMBAI: The Sweden-based SKF Group has dropped its plans to purchase its publicly held shares in SKF India Ltd after its reverse book-building exercise yielded a price that was unacceptable to it.

In addition, the number of equity shares tendered could not result in the public shareholding in the company falling below the levels for delisting as specified by the guidelines, said the acquiring company Aktiebolaget SKF, in a notice issued to the stock exchanges on Tuesday. The discovered price, at Rs 295, is much higher than the price indicated, it said. The acquirer, earlier this month, had said that its offer was Rs 153 per share.

The SKF group holds 53.58 per cent of the equity of SKF India. The reverse book-building saw 11.01 million equity shares tendered, amounting to 20.89 per cent equity stake in the company.

In February, the acquirer had made an announcement that it would be seeking to purchase outstanding shares from the public and delist SKF India Ltd from the stock markets.

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