VST Tillers Tractors Ltd to invest in Zimeno Inc

V.S.T Tillers Tractors Limited ("the Company") has entered into a share purchase agreement for investment in Series A Preferred Stock of Zimeno Inc ("Investee Company"). The investee company is in the development of Electric Autonomous Tractor.

The investment will be USD 1500000 (Equivalent to Rs. 110715000) in Series A preferred Stock of the Investee Company. There will be no nominee in the board of directors of the listed entity and no potential conflict of interest arising out of the agreement.

After allotment of Series A preferred Stock, shareholding in the Investee Company will be about 2% on fully diluted basis.

Shares of V.S.T.TILLERS TRACTORS LTD. was last trading in BSE at Rs.1904.05 as compared to the previous close of Rs. 1900.4. The total number of shares traded during the day was 3493 in over 598 trades.

The stock hit an intraday high of Rs. 1917 and intraday low of 1875. The net turnover during the day was Rs. 6611492.

Source : Equity Bulls

Keywords