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Joint Inv plans to buy 27.2 pct of Goetze India

BOMBAY, Jan 22 (Reuters) - Joint Investments plans to acquire a 27.2 percent stake in auto parts maker Goetze India Ltd from Escorts Ltd, the National Stock Exchange (NSE) said on Wednesday.

The acquisition proposal must be approved by Escorts' board, which meets on January 27, a notice posted on the NSE's Web site, www.nseindia.com, said.

The notice also said that the acquirer, Joint Investments, had sought an exemption from the market regulator from making an open offer on the grounds that the transaction was a transfer from one founder to another.

Indian law stipulates that a buyer of a more than 15 percent stake in a company make an open offer to shareholders to buy another 20 percent stake.

Goetze's shares were up 4.1 percent at 23.05 rupees and Escorts' shares were up 0.34 percent at 44.55 rupees, while the key Bombay index was flat.