|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
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: Industrial conglomerate Ingersoll-Rand says it will spin off its security technology business and buy back $2 billion of shares. The Ireland-based company also said Monday it is raising its quarterly dividend by 31 percent to 21 cents per share.
COMING SOON: The spinoff of its commercial and residential security businesses into a new public company will be completed within the next year.
MULTIPLICATION BY DIVISION: CEO Michael Lamach said that the move will allow both companies to enhance value by allocating capital and deploying resources in a more focused way.