Alfa Laval (India) is seeking voluntary delisting from both the BSE and the NSE following the promoter company's decision to acquire shares constituting 11.23 per cent of its equity capital.
Alfa Laval Corporate AB, Sweden, the promoter company, informed the exchanges of its desire to acquire up to 20 lakh-odd shares of Alfa Laval (India) in a letter dated September 16.
A statement put up on the BSE Web site by the company said that the promoter has requested the board to consider and approve the delisting proposal and seek the approval of the shareholders for the same in terms of the delisting regulations.
The promoter company currently holds about 88.77 per cent share in Alfa Laval (India).
The stock of Alfa Laval on Friday touched a 52-week high of Rs 1982.15 during the day's trading session. It ended the day at Rs 1,960, up marginally by 0.65 per cent or Rs 12.75 per share.
In 2007, the company's promoter had hiked the stake from 64 per cent to current level through buyback offer. The company had offered Rs 1,300 a share at that time to mop-up shares from the Indian public.
At that time, the Swedish company had intentions to maintain the statutory limit of a less than 90 per cent holding in the Indian company to avoid the triggering of delisting regulations.
In 2001, the company had made first attempt to raise its stake to 76 per cent in the Indian arm, but could manage only up to 64 per cent.