Lucas Indian Service Ltd. (LIS), one of many promoters of India Nippon Electricals Ltd. (INEL), has agreed to purchase greater than 44 lakh shares from two different promoter entities for a complete consideration of ₹168.91 crore.
A Share Purchase Agreement was signed between LIS and Mahle Holding (India) Pvt. Ltd. (MHIPL) on Friday for acquisition of 30 lakh shares by an off-market transaction at ₹356.49 apiece aggregating to ₹106.95 crore, INEL mentioned in a regulatory submitting.
The second settlement was entered with Mahle Electric Drives Japan Corporation (MEDJ) for buying 14.15 lakh shares by a block deal for ₹438 apiece aggregating to ₹61.97 crore. The transaction shall be accomplished on June 26.
Currently, LIS holds 50.80% stake in INEL, whereas MEDJ holds 6.25% and MHIPL holds 13.26%. After this switch, the shareholding of each MHIPL and MEDJ would get decreased to ‘Nil’ and LIS will maintain 70.32%.
On Friday, shares of INEL closed at ₹438.50, a lack of ₹9.40 or 2.10% on the BSE.
INEL was integrated in 1984 and transformed right into a three way partnership in 1986 between LIS, a wholly-owned subsidiary of Lucas-TVS Ltd., and MEDJ, an organization of MAHLE Group, Germany, to manufacture digital ignition techniques for two-wheelers, three-wheelers, and transportable engines.
INEL has factories in Hosur, Puducherry and Haryana. It makes your complete vary of two/3 wheelers, digital and analog ignition merchandise.
