ABB clinches 75 pct stake in Indian subsidiary

* ABB gains 75 percent in Indian subsidiary

* Value of deal at offer price was $965 mln

ZURICH, July 27 (Reuters) - Swiss engineering group ABB Ltd (ABBN.VX: Quote) successfully raised its stake in its Indian subsidiary to 75 percent, boosting its position in the fast-growing Indian market.

Shareholders of ABB India tendered about 23 percent of the outstanding shares, ABB said in a statement on Tuesday, adding that the offer had been oversubscribed by about 1.5 percent.

In May, ABB said it wanted to raise its stake in ABB India Ltd (ABB.BO: Quote) to 75 percent from 52 percent. The offer constituted a premium of 34 percent to the closing price of the shares on the day before the deal was announced and valued the transaction at up to $965 million. [ID:nLDE64G0HB]

Analysts have been watching closely to see how ABB, whose products include circuit breakers and industrial robots, would deploy a cash pile that totalled $5.9 billion at the end of the last quarter.

The India deal is ABB's second in a month following its acquisition of U.S. software group Ventyx, after being outbid for British power supply systems maker Chloride Group Plc CHLD.L in late June following a prolonged battle with Emerson Electric Co (EMR.N: Quote). [ID:nLDE66106O]