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TRF has executed a share purchase agreement with JL Power Ventures to sell its 51 per cent stake in Adithya Automotive Applications Pvt Ltd (AAA), a material subsidiary of TRF. According to the deal, the company will receive ₹30.6 crore for the stake and earn an additional earn-out payment to be determined by definitive agreements upon calculation of EBITDA for FY2017-18 of AAA. JL Power is an existing shareholder of AAA. The stock of TRF closed at ₹245.60, up 1.8 per cent on the NSE.
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