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Chennai-headquartered India Motor Parts & Accessories (IMPAL), engaged in the distribution of automobile parts and accessories, will be increasing its stake to 100 per cent in CAPL Motor Parts Pvt Ltd, a subsidiary company, from 90 per cent now.
The Board of IMPAL at its meeting on Wednesday approved the additional investment by way of purchase of the remaining 5,00,000 equity shares of CAPL Motor (representing 10 per cent of the equity share capital of CAPL) from the exiting shareholders of CAPL, according to a communique to exchanges.
On completion of the said purchase, the ₹18.5-crore CAPL, engaged in the sale and distribution of auto parts and operating out of Ahmedabad, would become a wholly owned subsidiary of IMPAL.
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