Mumbai: Germany based Linde AG is all set to consolidate its shareholding to around 74% in industrial gases major BOC India for Rs597.30 crore.
BOC India in a filing to the BSE said it will issue 3.62 crore equity shares at Rs165 each to its promoter, Linde AG on a preferential allotment basis.
The board of directors at its meeting on 11 December approved the proposal entailing the issue of shares to its German promoter. The said 3.62 crore equity shares represent upto 42.45% of the total post issue paid-up equity share capital of the company.
“Pursuant to the preferential issue, the aggregate shareholding of Linde AG would increase from 54.80% to upto 73.99% of the total post issue paid-up equity share capital of BOC India,” the company informed.
The board has also authorised, subject to shareholders’ approval, an increase in the authorised share capital of the company from Rs60 crore to Rs86 crore.
An extraordinary general meeting of the shareholders of the company has been convened on 5 January, 2008 to consider the aforesaid proposals. In September 2006, Linde AG acquired the ownership of UK-based BOC Group plc, the holding company of BOC India.