Atlas Copco India promoters seek voluntary delisting

MUMBAI: Atlas Copco India Ltd, a manufacturer of compressors, construction and mining tools, on Thursday said its promoters have decided to seek voluntary delisting of the company from the Bombay and Pune Stock Exchanges.

The company has received a letter dated October 28 from its promoter and parent firm, Atlas Copco AB, in this regard, Atlas Copco India said in a filing to the Bombay Stock Exchange.

Atlas Copco AB has decided to seek delisting of the shares in accordance with the Securities and Exchange Board of India regulations, it said.

At present, the promoters of the company hold 83.77 per cent of the paid up equity of the firm, it said. They now intend to acquire the remaining 16.23 per cent of the outstanding share capital of the company prior to delisting.

The promoters have requested the board to take all action required of them under the delisting regulations, including convening a meeting of shareholders to consider the proposal.

Accordingly, the Atlas Copco India's board will consider the delisting proposal and other incidental matters at its meeting scheduled on October 29, it said.

Shares of the company closed at Rs 1,868.10 on the BSE today, up 11.53 per cent from the previous close.