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Bosch to buy 20% more in MICO
Friday, April 27, 2007
German based automotive component manufacturer Robert Bosch will be buying an additional 20% (6.4 mn shares) in its India unit MICO at the rate of Rs4,000 per share
Germany’s Robert Bosch GmBH [ROBG.UL] has made an open offer to buy an additional 20% in its India unit Motor Industries Co Ltd (MICO), according to managers at Citigroup.
Germany’s Robert Bosch GmBH [ROBG.UL] has made an open offer to buy an additional 20% in its India unit Motor Industries Co Ltd (MICO), according to managers at Citigroup.
The offer, to buy 6.4 mn shares at Rs4,000 per share, is not subject to a minimum level of acceptance. The company is the world’s largest auto parts maker and holds 60.55% shares in MICO.
Meanwhile, shares in MICO, a flagship of the Bosch group in India, ended at Rs3,424.80 on 26April.
“The RB Group seeks to expand its current automotive components operations in India by increasing its investment in technology, capital and other resources in the region.”
“Consistent with this objective, RB seeks to increase its ownership in MICO to create a more attractive platform for sharing of technology and realizing operational synergies through closer cooperation and alignment between organizations.”
The offer, managed by Citigroup Global Markets India Pvt. Ltd., is open from June 20 to July 9. The Bosch Group has necessary funds for acquisition, totalling Rs25.64 bn .
Bangalore-based MICO has plants in Bangalore, Nashik, Naganathapura and Jaipur. Bosch also owns a controlling stake in components maker Bosch Chassis Systems India Ltd.
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