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MICO to buy back 200,000 shares from public

Jun 8, 1999

In a bid to boost its holding in MICO, German auto component major Robert Bosch GmbH has proposed a buy back of close to 200,000 shares in MICO, its Indian subsidiary. The buyback of shares will be done at a 15% premium to the prevailing market price of Rs 3,700 and is expected to be completed within the next 12 months. The buy back will enable Bosch to raise its equity stake in the company to 54% from the current level of 51%.

The Indian subsidiary is engaged in the manufacture of spark plugs, fuel Injection pumps, glow pumps and hydraulic and pneumatic equipment. The net profit of the company for the 12 month period ended December 1998 declined to Rs 699 m (Rs 802 m in previous period) in view of declining margins and slowing sales.


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