The Connecticut company wants to buy back almost 2 million shares in ADC India Communications, which it acquired last year.
Wallingford-based technology company Amphenol is consolidating its move into the Indian market, making an offer for shares in the Indian subsidiary of Connectivity and Cable Solutions (CCS), a company it acquired last year.
The target company, ADC India Communications became majority owned by Amphenol with the CCS acquisition. Now the Connecticut company wants to buy back almost 2 million shares, representing 26% of ADC India Communications’ voting share capital.
The open offer complies with India’s Securities and Exchange Board regulations.
The tendering period began April 2, and will end April 17. If the full buyback is achieved, the value of the shares acquired will be equivalent to about $15.6 million.
Amphenol designs, manufactures and markets electrical, electronic and fiber optic connectors and interconnect systems. The company operates in around 40 countries.
It has already appointed two new members to ADC India Communications’ board of directors.
Amphenol recently bolstered its “made-in-India" focus with two major product launches aimed at the electric vehicle market.
It serves a variety of end markets in the country. In addition to electric vehicles, Amphenol is active in supplying parts for data centers, telecoms infrastructure and the defense sector.
