<p>Johnson Controls plans to acquire 25.74 per cent stake in Hitachi Home & Life Solutions (India) Ltd through an open offer for an estimated price of Rs 575 crore.<br /><br /></p>.<p>In a public announcement to Hitachi's shareholders, Johnson Controls said it would acquire little over 70,00,990 shares at an offer price of Rs 821.38 per share amounting to Rs 575.04 crore.<br /><br />In a BSE filing, the company has proposed to launch open offer to acquire "up to 70,00,990 fully paid-up equity shares of face value of Rs 10 each of the target company representing 25.74 per cent of fully diluted voting equity share capital."<br /><br />Last week, Johnson Controls and Hitachi Appliances had entered into a definitive agreement to form a global joint venture (JV) for heating, air conditioning, ventilation and refrigeration (HVAC).<br /><br />Post completion of the open offer, the JV company, either directly or through one or more subsidiaries, will hold 74.25 per cent of the target company, the company added.<br /><br />As per the agreement, Johnson Controls will obtain a 60 per cent ownership in Hitachi Appliances. The deal excludes sales and service operations in Japan.<br /><br />Hitachi Appliances will continue to provide Hitachi branded HVAC products in the Japanese market after this transaction, the company said in a statement.<br /><br />The transaction is expected to close later this year, subject to regulatory approvals and satisfaction of other customary conditions.</p>
<p>Johnson Controls plans to acquire 25.74 per cent stake in Hitachi Home & Life Solutions (India) Ltd through an open offer for an estimated price of Rs 575 crore.<br /><br /></p>.<p>In a public announcement to Hitachi's shareholders, Johnson Controls said it would acquire little over 70,00,990 shares at an offer price of Rs 821.38 per share amounting to Rs 575.04 crore.<br /><br />In a BSE filing, the company has proposed to launch open offer to acquire "up to 70,00,990 fully paid-up equity shares of face value of Rs 10 each of the target company representing 25.74 per cent of fully diluted voting equity share capital."<br /><br />Last week, Johnson Controls and Hitachi Appliances had entered into a definitive agreement to form a global joint venture (JV) for heating, air conditioning, ventilation and refrigeration (HVAC).<br /><br />Post completion of the open offer, the JV company, either directly or through one or more subsidiaries, will hold 74.25 per cent of the target company, the company added.<br /><br />As per the agreement, Johnson Controls will obtain a 60 per cent ownership in Hitachi Appliances. The deal excludes sales and service operations in Japan.<br /><br />Hitachi Appliances will continue to provide Hitachi branded HVAC products in the Japanese market after this transaction, the company said in a statement.<br /><br />The transaction is expected to close later this year, subject to regulatory approvals and satisfaction of other customary conditions.</p>