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Linde stake churn

Calcutta, May 17: The promoters of industrial gas manufacturer Linde India (formerly BOC India Ltd) will bring down their holding to the stipulated 75 per cent by early next week. The offer-for-sale (OFS) by the promoters was fully subscribed, helping the promoters mop up Rs 303 crore.

BOC Group, the British promoter entity for Linde India, held an 89.48 per cent stake in its Indian arm before the sale.

Following the sale, promoter holding in Linde India will come down by about 14.5 per cent to 75 per cent as required by the market regulator to remain listed in India. The regulator had set a June deadline.

According to a statement issued by the Bombay Stock Exchange, “The promoters of Linde India have completed the offer for sale of 12,345,126 equity shares of face value Rs 10 on May 17, 2013. The issue was subscribed 1.56 times. The clearing price was Rs 237.10 per share mobilising Rs 303 crore for the promoter.”

“We always make sure that we are in line with the regulations. Our OFS was oversubscribed,” said Sanjiv Lamba, chairman of Linde India, at the company’s 77th annual general meeting here today.

The Linde stock, however, took a hit today, closing 4.04 per cent down to Rs 250.85 on the BSE.

Lamba said the depressed outlook for steel in the near term had prompted the company to look at diversifying in sectors such as pharmaceuticals, glass, refining and chemicals. At present, half of the firm’s exposure is in steel.

Lamba expressed concern over the delayed expansion of SAIL at Rourkela where Linde is setting up two air separation units each of 853-tonne-per-day capacity. However, Linde’s expansion (2x1000 tonnes per day) at Tata Steel’s plant at Kalinganagar is on track.

 
 
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