GE has offered to buy 25 percent in Alstom T&D India from public shareholders at Rs 261.25 a share in a deal valued at up to USD 278 million, according to a notice issued to Indian stock exchanges by the offer manager Credit Suisse.
General Electric Comade tender offers to buy shares worth up to USD 389 million in two of Alstom SA's India units to comply with local rules, following its USD 16.9 billion bid to buy the French group's energy unit.
GE has offered to buy 25 percent in Alstom T&D India from public shareholders at Rs 261.25 a share in a deal valued at up to USD 278 million, according to a notice issued to Indian stock exchanges by the offer manager Credit Suisse.
GE is also seeking to buy 26 percent of Alstom India at Rs 382.20per share for up to USD 111 million, said a separate filing. GE will proceed with the offers only if its bid for Alstom's energy arm goes through, the filings said.
Cash-strapped French engineering group Alstom said last week it would explore a USD 16.9 billion offer from General Electric for its energy arm while leaving the door open to a rival bid from Germany's Siemens.
Shares in Alstom T&D India were up 6.4 percent at Rs 289.15 rupees, while Alstom India lost early gains and were trading down 0.8 percent at Rs 452 at 10:34 a.m. The Nifty was up 0.28 percent.
GE will indirectly acquire Alstom's 75 percent stake in Alstom T&D and 68.6 percent in Alstom India, if its bid to buy the French group's energy unit is successful, requiring the US group to launch tender offer as per Indian market rules.
Alstom T&D stock price
On May 05, 2014, at 14:10 hrs Alstom T&D India was quoting at Rs 275.00, up Rs 3.80, or 1.40 percent. The 52-week high of the share was Rs 297.00 and the 52-week low was Rs 110.00.
The company's trailing 12-month (TTM) EPS was at Rs 4.57 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 60.18. The latest book value of the company is Rs 40.25 per share. At current value, the price-to-book value of the company is 6.83.
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