Monday, April 7, 2008

Bosch Chassis sinks on withdrawal of delisting offer

Bosch Chassis Systems India declined 4.99% to Rs 454.75 at 15:25 IST on BSE, extending its recent huge losses triggered by the company putting off a delisting offer.

The stock hit a high of Rs 454.75 and a low of Rs 454.75 so far during the day. The stock had a 52-week high of Rs 721.25 on 28 March 2008 and a 52-week low of Rs 285.05 on 22 January 2008.

The company’s current equity is Rs 20.79 crore. Face value per share is Rs 10.

The current price of Rs 454.75 discounts its Q3 December 2007 EPS of Rs 23.11 with a PE multiple of 19.68.

Bosch Chassis Systems India’s net profit rose 91.5% to Rs 12.01 crore on 12.2% growth in net sales to Rs 139.84 crore in Q4 December 2007 over Q4 December 2006.

Robert Bosch GmbH holds 80% stake in Bosch Chassis Systems India

Robert Bosch GmbH, the parent company, has rejected the final price of Rs 750 per equity share established by the reverse book building process, which opened on 24 March 2008 and closed on 28 March 2008 for shareholders holding shares in the dematerialized form. The company had fixed a floor price of Rs 415 for the delisting offer, according to the Securities and Exchange Board of India (Sebi) guidelines. However, shareholders had preferred to offer their shares at a final price of Rs 750 through the reverse book-building process, which the acquirer, parent company Robert Bosch, rejected.

The company is engaged in manufacturing automotive brake system and components. Its customer segment is classified as passenger car and utility vehicles and two wheelers.

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