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Setco Automotive approves acquisition of stake in JV

Auto News - Published on Mon, 15 Apr 2019

Image Source: Setco Automotive
The Board of Directors of the company at its meeting held on April 10, 2019 has approved purchase of entire stake (1,34,60,000 equity shares of INR 10 each) from Lingotes Especiales, SA in company's subsidiary Lava Cast Private Limited at a total consideration of Euro 950,000 (approx INR 7.70 crores at current exchange rate) subject to regulatory approvals and approvals from banks and Reserve Bank of India, as may be necessary.

The Board also authorized Mr Harish Sheth, Chairman & Managing Director and Mr Udit Sheth, Vice Chairman of the Company to discuss and finalise the modalities of the transaction with Lingotes Especiales, S.A. and enter into agreements as may be required to give effect to the transaction. After the purchase of above shares, Lava Cast Private Limited will become 100% subsidiary of the Company.

Source :

Posted By : Rabi Wangkhem on Mon, 15 Apr 2019
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