Igarashi Electric Works has made an open offer to buy up to 79.6 lakh shares (26 per cent) of Igarashi Motors India at ₹307.92 a share.
Shares in Igarashi Motors will be acquired by Igarashi Electric, together with MAPE Advisory Group by shelling out ₹245 crore.
The open offer is part of Igarashi Electric’s plan to acquire a total of 97.9 per cent stake in the company, including 41.9 per cent held by promoter of Igarashi Motors, Agile Electric Sub Assembly.
Shares of Igarashi Motors on Thursday ended up 0.2 per cent at ₹337.55 on the NSE.
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