GE Capital to delist transportation financial services arm

26 August 2008

Mumbai: GE Capital (Mauritius) Investment Company Ltd has offered to acquire all outstanding shares of GE Capital Transportation Financial Services Ltd, which it proposes to delist from the capital markets in India.

GE Capital, which holds 77.33 per cent of the fully paid-up share capital of the company as of date, will acquire the remaining equity shares pursuant to the Securities & Exchange Board of India (Delisting of Securities) Guidelines, 2003, JM Financial Consultants Pvt Ltd, manager to the offer, said in a filing with the Bombay Stock Exchange.

GE Capital has made an offer to the public shareholders of GE Capital Transportation Financial Services Ltd to acquire up to 45,94,761 fully paid-up equity shares of the company with face value of Rs 10 each, representing approximately 22.67 per cent of the fully paid-up share capital of the company. Consequently, GE Capital will delist the equity shares.

GE Capital expects delisting price of Rs110 per share for the company, reports CNBC-TV18.

G E Capital Transportation Financial Services was quoting at Rs108.70, up Rs5.15 in early morning trade. The scrip touched an intraday high of Rs108.70 and an intraday low of Rs105.

There were pending buy orders of 10,928 shares, with no sellers available. It was trading with volumes of 24,900 shares. On Friday, the share closed up at Rs103.55.