ESAB India outcome
07/09/2007
Charter is pleased to announce that it has received valid acceptances in respect of 2.81 million shares (representing 18.3 per cent of the outstanding issued share capital) in ESAB India.
Accordingly, and taking into account the ESAB India shares already held (representing 37.3 per cent of the outstanding issued share capital), Charter’s total indirect holding in ESAB India on completion of the offer will stand at 8.55 million shares, representing 55.6 per cent of the outstanding issued share capital of the company.
At the offer price of Rs 505 per share, the shares to be acquired have a combined value of Rs 1.42 billion (approximately £17.2 million based on the prevailing mid-market exchange rate of Rs 82.5/£).
Commenting on the outcome of the offer for ESAB India, Michael Foster, Chief Executive, Charter plc, said:
“We are delighted to have taken our shareholding to over 50 per cent of ESAB India which we regard as a strategically important business.”
Contact
Andrew Fenwick; Pamela Small, Brunswick +44 (0) 20 7404 5959