Date:15/06/2008 URL: http://www.thehindu.com/2008/06/15/stories/2008061555851500.htm

Business

Philips plans share buyback

Special Correspondent

Promoters to tender 9.5 % of the issued capital
Keen to make acquisitions, enter into partnerships

KOLKATA: Philips Electronics India is proposing a buyback of its shares up to a maximum of 69 lakh equity shares at a price of Rs. 260 per share. The promoters, Koninklijke Philips Electronic NV, will participate in the buyback by tendering 9.5 per cent of the issued share capital. The resolution was sent to the polls by the minority shareholders some of whom opposed it.

At a press conference which followed the company’s annual meeting here on Saturday, Murali Sivaraman, Managing Director and CEO, Indian subcontinent, said that Rs. 180 crore had been set aside for this purpose out of the total Rs. 600 crore reserves that the company has.

He said the company, which is a dominant player in the three segments that it now operates in lighting, lifestyle and healthcare, was keen to make either acquisitions or enter into strategic partnerships in these areas. “We are looking at acquisitions,” Chairman, S. M. Datta, told shareholders earlier. To a question on the company’s vision for 2010, Mr. Sivaraman said “Philips would like to be known as a health and well-being company”.