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Our Bureau

Mumbai, Feb. 17

Automotive Stampings & Assemblies Ltd, a subsidiary of Tata AutoComp Systems Ltd (TACO), said on Saturday that the Spanish company, Gestamp Servicios SL, would acquire a 37.5 per cent stake in the company.

The acquisition would be made partly from one of the promoters, TACO, and partly through an open offer to the shareholders at a price of Rs 94.96 per share, the company said in a communication to the BSE. After completion of the acquisition, Automotive Stampings & Assemblies would become a 50:50 joint venture of TACO and Gestamp, the company said. Automotive Stampings provides a complete range of sheet metal components and welded assemblies to leading automotive companies through its three large manufacturing facilities in India. The number of equity shares that Gestamp would acquire from TACO would depend on the number of equity shares tendered by the public shareholders, in response to the open offer, the company said. Post acquisition, Gestamp, TACO and Tata Industries Ltd will become the promoters of the company.

More Stories on : Mergers & Acquisitions | Automobile Components

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