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APPSIL to acquire up to 1.05 crore shares for Rs 917 crore under open offer

The company will pay an interest of Rs 14.92 per share on the offer price since March 30 and buy shares at a price of Rs 865.92 per equity share with face value of Rs 2 each.

PTI|
Last Updated: Jun 03, 2020, 01.57 PM IST
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This offer is being made at the offer price, aggregating to a total consideration of Rs 917,47,85,220.48.
ABB Power Products and Systems India Ltd (APPSIL) will acquire up to 1.05 crore shares for Rs 917 crore under an open offer, according to a regulatory filing. It announced the open offer on March 30 at a price of Rs 851 per equity share, the filing said.

But now, the company will pay an interest of Rs 14.92 per share on the offer price since March 30 and buy shares at a price of Rs 865.92 per equity share with face value of Rs 2 each.

The offer closing date is July 29, 2020.

The company said it will acquire up to 1,05,95,419 fully paid-up equity shares of face value of Rs 2 each of APPSIL from the public shareholders under the open offer.

This offer is being made at the offer price, aggregating to a total consideration of Rs 917,47,85,220.48, it said.

It further said this offer is being made at a price of Rs 865.92 per share, comprising an offer price of Rs 851 per unit plus interest of Rs 14.92 per share, computed at the rate of 10 per cent per annum, for the period March 30-June 2, the date of publication of Detailed Public Statement.

Swiss power major ABB had sold 80.1 per cent stake in its global power grid business to Japan's Hitachi at an enterprise value of USD 11 billion.

Zurich-based ABB had said it would return net cash proceeds of USD 7.6 to 7.8 billion to shareholders.

As part of the global deal, ABB India also hived off its power grid business as APPSIL.
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