Bosch board to consider buyback today

The Bosch board will consider a buyback today. This would be the fourth attempt by the parent company to hike its stake in the Indian company. The buyback offer is likely to be for 32 lakh shares, that is 10% of the equity. The base price for the buyback at a six-month average works out to Rs 3850 per share. The last open offer price was at 20% premium to a 30 day average of Rs 4000 per share in August, 2007, which was further revised upwards to Rs 4600 per share. The parent company managed to hike the stake to 70% from 60% post the revised open offer last year. FIIs hold 20% and the public holding of the company is at 9.7% as on June, 2008.