ABB Schweiz AG and Hitachi, Ltd. completed the acquisition of 0.000422% stake in ABB Power Products and Systems India Limited for INR 0.16 million.
September 21, 2020
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ABB Schweiz AG and Hitachi, Ltd. (TSE:6501) made an offer to acquire a 25% stake in ABB Power Products and Systems India Limited (BSE:543187) for INR 9.2 billion on March 29, 2020. As per the transaction, ABB Schweiz AG and Hitachi, Ltd. made the offer to acquire 10.59 million shares at INR 865.92 per share. The transaction will be funded in cash from available resources. On June 29, 2020, ABB Schweiz AG has deposited an additional sum of INR 7.5 billion in the escrow account. As on August 29, 2020, the offer price is increased from INR 865.92 per share to INR 872.68 per share, consisting of INR 851 per Offer Share plus interest of INR 21.68 per Offer Share, computed at the rate of 10% per annum.
The transaction is subject to statutory approvals and not conditional upon any minimum level of acceptance. All statutory approvals required by the acquirers have been obtained. The offer will commence from July 16, 2020 and will be valid till July 29, 2020. As of August 29, 2020, the tendering period will commence from September 9, 2020 and will close on September 22, 2020. The last date by which the committee of the independent directors of ABB Power Products and Systems India shall give its recommendation to the shareholders of ABB Power Products and Systems India for the offer is September 7, 2020. As on September 7, 2020, committee of the independent directors of ABB Power Products and Systems India said that for shareholders who would like to accept the offer, the offer price of INR 872.68 per share is fair and reasonable.
Sameer Purohit and Anurag Byas of ICICI Securities Limited (NSEI:ISEC) acted as managers to ABB Schweiz AG and Hitachi, Ltd. Samir Gandhi and Hemangini Dadwal of AZB & Partners acted as legal advisors to Hitachi. Sumeet Deshpande of Link Intime India Pvt. Ltd. acted as registrar to ABB Schweiz AG and Hitachi, Ltd.
ABB Schweiz AG and Hitachi, Ltd. (TSE:6501) completed the acquisition of 0.000422% stake in ABB Power Products and Systems India Limited (BSE:543187) for INR 0.16 million on September 22, 2020.
Hitachi Energy India Ltd is an India-based power technology company, which is engaged in providing a comprehensive grid portfolio across the entire value chain. The Company provides products and solutions, including asset & work management, cable accessories, capacitors and filters, communication networks, cooling systems, disconnectors, energy storage, generators circuit-breakers (GCB), semiconductors, substation automation, protection & control, substations & electrification, surge arresters, transformers, transformer insulation and components, and high voltage switchgear and breakers and others. It also provides service and consulting, such as install & commission, assess & secure, train & develop, parts & maintain, upgrade, repair & extend, sustain & decarbonize and replace & decommission. Its consulting services provide a comprehensive combination of business, functional, and technical expertise. Its transportation solutions include railway, eMobility, aviation and marine.
HITACHI ENERGY INDIA LIMITED 
