Sandvik increases ownership in Indian subsidiary Sandvik Asia
Sandvik has today in India announced it's intention to make a public offer to acquire up to 379,010 shares, corresponding to 20.4% of the paid up equity share capital in the Indian subsidiary Sandvik Asia Ltd., at a price of 1,800 Rupees per share.
The total value of the offer is about SEK 140 M.
Currently, Sandvik controls 54.6% of the shares in Sandvik Asia. After the purchase, ownership will amount to 75%. Through Sandvik's increased ownership, and resulting control of operations, the Indian subsidiary gains the possibility to utilize the scope and advanced technological resources of the Sandvik Group to a much greater extent.
Sandvik Asia was formed in 1960 and has about 1,000 employees. Cemented-carbide tools for chip-forming metalworking, rock-drilling tools and wear parts in cemented carbide are produced at the main plant in Poona.
Sandvik Asia is listed on the National Stock Exchange of India and the Stock Exchange in Bombay.
Sandviken, 25 November 1997
Sandvik AB; (publ)