Charter makes 20% open offer for Esab India

London-based Charter has made an open offer to the shareholders of Esab India for acquiring 20% stake in the engineering firm for Rs 131.14 crore.

A Charter subsidiary has made an offer for acquiring 3,078,604 fully paid up equity shares in Esab India representing 20% stake at Rs 426 per share, the company said in a filing to the London Stock Exchange.

According to Esab India's shareholding pattern as of March 31, Charter holds 5,743,200 shares amounting to 37.31% in in the company through a subsidiary, Esab Holdings.With this offer, Charter's shareholding in Esab India would increase to 57.3%, subject to the regulatory approvals.

Shares of Esab India, which is engaged in the business of welding consumables and equipments, closed at Rs 460.35, up by 8.8% on the BSE today.

London-based Charter owns two international engineering businesses through a number of intermediate companies - Esab, which is a global welding company, and Howden, a global leader in the manufacture of air and gas handling equipment.