Setco Automotive To Acquire Lava Cast
Setco Automotive Limited has informed that the board of directors of the company at its meeting approved purchase of entire stake (1,34,60,000 equity shares of Rs 10/- each) from M/s Lingotes Especiales, S.A. in company's subsidiary M/s Lava Cast Private Limited at a total consideration of Euro 950,000 (approx. Rs 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 M/s Lingotes Especiales, S.A. and enter into agreements as may be required to give effect to the transaction. After the purchase of above shares, M/s Lava Cast Private Limited will become 100% subsidiary of the Company.