Robert Bosch gets 9 pc stake in MICO

MUMBAI: German firm Robert Bosch GmbH has received shares representing 9.18 per cent stake in Motor Industries Company Ltd (MICO) as against its offer to buy 20 per cent stake from shareholders.

The German firm acquired 29.43 lakh shares in MICO as against 64.10 lakh shares proposed in the letter of offer, Motor Industries said in a filing to Bombay Stock Exchange.

The post-offer shareholding of the German company stands at 69.73 per cent from 60.55 per cent earlier. Robert Bosch had proposed to acquire shares at a price of Rs 4,600 apiece payable in cash.

Shares of Motor Industries Company closed at Rs 4,229.80, up 0.98 per cent on BSE.