Rico Auto industries Limited informs that pursuant to Share Purchase Agreement (SPA), for purchase of equity shares of its Joint Venture Company namely Magna Rico Powertrain Private Limited from the other Joint Venture Partner namely Magna Powertrain GMBH, Rico Auto Industries Limited alongwith its step down subsidiary, Rasa Autocom Limited has completed the acquisition of 2, 11,20,000 equity shares having a face value of Rs.10/- each of Magna Rico Powertrain Private Limited from Magna Powertrain GMBH at the rate of Rs.4.05 per share for a total consideration of Rs.8.56 crores.

The company informs that post the completion of acquisition of above equity shares, Magna Rico Powertrain Private Limited has now become a subsidiary of Rico Auto Industries Limited and Rico Auto Industries Limited, alongwith its step down subsidiary, Rasa Autocom Limited holds the entire share capital of Magna Rico Powertrain Private Limited.