Mumbai, April 27: Robert Bosch today announced an open offer for an additional 20 per cent in its subsidiary Mico at Rs 4,000 per share. The German company’s stake in Mico will go up to 80 per cent from 60.5 per cent, if the offer is successful.

The offer price is 20 per cent higher than the Mico scrip’s average over the past 30 days.

The offer will run from June 20 to July 9, and Bosch has reportedly lined up Rs 2,564 crore to fund the purchase.

Bangalore-based Mico has reported a net profit of Rs 138.80 crore for the quarter ended March 31, 2007 compared with Rs 114.91 crore a year ago. Total income increased to Rs 1,097.13 crore from Rs 929.29 crore.

Mico’s share gained 11.6 per cent to Rs 3,823.65 on the BSE today. On the NSE, the share was up by nearly 11 per cent.

Mico is a leader in diesel fuel injection equipment and spark plugs.

It manufactures products that include industrial equipment, auto-electricals, hydraulics for industrial and tractor applications, electric power tools and packaging machines among others.