MUMBAI, February 27: The open offer made by Sandvik AB of Sweden to acquire an additional stake of 20.41 per cent in its subsidiary, Sandvik Asia Ltd (SAL), has met with over 90 per cent success.According to a press release issued by HSBC Capital Markets India, the manager to the issue, the open offer received over 90 per cent subscription totalling $ 17 million. Sandvik AB made the open offer to acquire an additional stake of 20.41 per cent from the shareholders of SAL in order to take its holding in the company to 75 per cent. SAS made the open offer at Rs 1,800 per share, which was at a premium of 13 per cent to the average market price of the scrip in the last six months. SAL's shares were quoting at Rs 1,350 at the time of announcement of the offer.
The 10 per cent shortfall will take the Swedish parent's stake to 73 per cent in Sandvik Asia, HSBC Capital Markets said .
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