SKF not to proceed with delisting of India unit

Newswire

BOMBAY, May 31 (Reuters) - The Swedish parent of SKF India Ltd. has decided not to proceed with a buyout of minority shareholders in its Indian unit as the delisting price of 295 rupees each was much higher than the price indicated by the acquirer, the Bombay Stock Exchange (BSE) said on Tuesday. In the book-building to determine the delisting price, the offer received shares amounting to 20.89 percent of SKF's equity capital and did not qualify for delisting under Indian law.

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