Ingersoll Rand to buy shares of India unit

Ingersoll-Rand to buy shares of India unit
Tue Aug 9, 2005 11:43 PM ET
NEW YORK, Aug 9 (Reuters) - Ingersoll-Rand Ltd. (IR.N: Quote, Profile, Research) said on Tuesday it plans to buy all of the outstanding publicly-held shares of its Indian-based subsidiary Ingersoll-Rand India Ltd.
Ingersoll-Rand, a diversified manufacturing company, owns 74 percent of the shares of Ingersoll-Rand India (INGR.BO: Quote, Profile, Research) .

Ingersoll-Rand said that in accordance with guidelines of the Securities and Exchange Board of India (SEBI), the company intends to acquire the shares through a shareholder-led reverse book-building process.

Shareholders of Ingersoll-Rand India may tender their shares to Ingersoll-Rand Company at a price at or above the "floor price" determined by the guidelines.

The "floor price" is defined as the average price of the company's shares as quoted on the National Stock Exchange in the 26 weeks preceding the date of the public announcement to be issued in accordance with the SEBI delisting regulations.

Ingersoll-Rand said it reserves the right not to acquire the offered shares if the final price, as determined by the SEBI delisting guidelines, is more than 325 rupees ($7.47) per share.

Ingersoll-Rand is a diversified manufacturing company. ($1=43.51 Indian Rupee)

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