Knoll Stake Hike In India "Will Be Costly"
German drugmaking arm of BASF Knoll AG will have to pay above the oddsto increase its stake from 40% to 51% in its Indian affiliate Knoll Pharmaceuticals Ltd, according to market analysts. They say that Knoll will have to make an open offer at a price far higher than the current market value of around 800 rupees ($64) per share. And if the offer is delayed, the price will be even higher, the analysts note.
Knoll is one of the first western groups exempted by the Indian Securities and Exchange Board from making an offer of a minimum of 20% of equity capital. The SEB has allowed the drugmaker to make an 11% offer to raise its stake in KPL to 51%. A number of multinationals which have raised their stakes in Indian associates have also paid higher prices than usual for their fresh holdings.
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