UK components maker GKN has announced that, through its German subsidiary company GKN Automotive GmbH, it will increase its current 51% shareholding in GKN Driveshafts (India) Ltd.

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The move follows an open offer to all public shareholders at Rs 55/- (79p) per share following an agreement with International Finance Corporation (IFC) to acquire its 14.1% shareholding of 1.8 million shares at Rs.55/- per share. 


Upon acquisition of the shares under offer and the IFC holding GKN’s shareholding will increase from 51% to 92.4%. The total cost to GKN will be £2.8 m for the shares acquired in this first open offer and £1.4m for the shares acquired from IFC.

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