Alstom looking at de-listing Indian arm; stock jumps

MUMBAI: French Capital goods major Alstom may be looking at de-listing its Indian arm Alstom Projects India, sources close to the development said on conditions of anonymity. The capital goods major has appointed bankers to advise the company on the same and may make a formal announcement in few weeks. The company may announce a mandatory open offer for 20% stake around Rs 850-900/share.

French promoters hold 66.45% stake in the Indian arm, FIIs hold 2.56% stake and domestic institutions hold 13.02% in the company and the balance 17.9% is held by the public.

Alstom Projects India limited rose to as high as Rs 691 rupees, a gain of 19% in trade today with volumes of over 1 cr shares and closed with gains of 9% by the end of the session.

Spokesperson at Alstom Projects India however denied any plans to de-list the company.