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Rane Engine Valve has announced on the BSE that Kar Mobiles Ltd will be merged with Rane Engine. Rane Engine’s board today has approved a proposal for the amalgamation of Kar Mobiles with Rane Engine Valve, subject to statutory clearances. Rane Engine will issue seven fully paid up equity share of ₹10 for every 10 equity shares of ₹10 in Kar Mobiles. Following the amalgamation, the shares of Rane Engine will continue to be listed on the BSE and the NSE. In a separate filing, Rane Engine has reported a net profit of ₹2.47 crore on a total income of ₹73.03 crore for the quarter ending March 31, 2014. During the corresponding quarter in the previous year, the company reported a net loss of ₹3.30 crore on an income of ₹68 crore.
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