Hyderabad: Illinois Tool Works (ITW), a US-based multinational manufacturer of highly engineered products and specialty systems, announced the delisting of its Indian subsidiary ITW Signode India Ltds stock from Mumbai and Hyderabad stock exchanges.
The board, at its meeting here, also took on record the audited annual accounts of ITW Signode India for the financial year 2001-02.
ITW Signode India had posted a 5.63-per cent increase in net sales at Rs 194.8 crore as against Rs 184.4 crore for the year ended 31 March 2001. The net profit for the financial year ended 31 March 2002 was Rs 18.13 crore as against Rs 18.35 crore for the corresponding period last year.
The company has not offered any dividend for the year as it plans to use the funds for future developments within ITW Signode India.
The decision to delist follows the public offer by ITW to buy the public holding in its Indian subsidiary. The successful completion of the offer has enabled ITW to raise its stake from 51 per cent to 95 per cent in ITW Signode India.
The exit option will be open till 15 April 2003. The offer price will be at the same rate of Rs 80 per share. Karvy Consultants has been retained registrars to the exit option.
ITW has been operating successfully in several parts of the world and the standard practice of the company has been to control 100 per cent of all its operating units. The ownership of ITW in ITW Signode is sought to be brought in line with the standard practice of the group across the world.