Tatas pick up UK company for Rs 411 cr

The Tatas are acquiring UK-based engineering and design services company Incat International Plc in an all-cash deal of Rs 411 crore (53.40 ...

The Tatas are acquiring UK-based engineering and design services company Incat International Plc in an all-cash deal of Rs 411 crore (53.40 million pounds).

In an announcement to the stock exchanges, Tata Technologies (TTL), a subsidiary of Tata Motors, on Thursday said it’s making an all-cash offer at Rs 169.40 per share for 100 per cent equity shareholding of Incat, which is listed on the alternative investment market of the London Stock Exchange.

The acquisition is to be made through Tata Technologies Inc, US (TTUS), a subsidiary of TTL and is expected to be completed in 20 days.

Story continues below this ad

TTL’s offer price represents a 4 per cent premium on Incat’s closing price as on August 17, 2005, it said. The board of Incat has approved and recommended acceptance of this offer to its shareholders. Both TTL and Incat provide engineering and design service and PLM (product lifecycle management) products and services, primarily to manufacturers and their suppliers in the international automotive, aerospace and engineering markets.

Incat, established in 1989, posted a turnover of approximately Rs 507.32 crore and an operating profit of approximately Rs 18.65 crore in the year ended August 31, 2004.

Among dead in Vijay rally stampede, young mother, couple set to marry

Cities5 hr ago

A rally by actor-politician Vijay in Velusamypuram ended tragically with 40 deaths in a stampede. Non-political workers gathered to see the superstar, but exhaustion, heat, and poor planning caused chaos. People collapsed, ambulances couldn't reach, and police presence was inadequate. Vijay's team ignored instructions, and the narrow roads and insufficient crowd control added to the tragedy.

View all shorts

Live Blog

PHOTOS