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Rico Auto Industries Ltd. - Announcement under Regulation 30 (LODR)-Updates on Acquisition

| Updated on March 30, 2019 Published on March 30, 2019

In continuation to our earlier letter dated 12th February, 2019, we wish to inform 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.

We wish to inform you further 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.

This is for your information and record.

Pdf Link: Rico Auto Industries Ltd. - Announcement under Regulation 30 (LODR)-Updates on Acquisition

Source : BSE - www.bseindia.com

Published on March 30, 2019
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