Prolec-GE buys control of Indo Tech Transformers

Mexico-based Prolec and GE Energy will buy the Indian manufacturer of transformers at an equity value of $99 million.

Prolec-GE Internacional, a joint venture between General Electric Energy and Xignux, will acquire a 54.35% controlling equity stake in Indo Tech Transformers, a Chennai-headquartered manufacturer of transformers. The deal triggers a tender offer for a further 20% of the remaining equity held by minority shareholders, in accordance with Indian regulations. The open offer will be priced at Rs406 $8.35 per share.

The Unit Trust of India and other local mutual funds own 5.24% of Indo Tech, as per the firm's...

To continue reading, please login or register for free

Click for more on: prolecge | indo tech transformers

Print Edition

FinanceAsia Print Edition


  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...