Lumax Auto Technologies Ltd amends JV agreement

Lumax Auto Technologies Ltd has today, i.e. January 01, 2022, amended its existing Joint Venture Agreement which was entered with Ituran Location and Control Limited (JV Partner).

Lumax and Ituran holds equal percentage (50:50) of shareholding of the Equity Share Capital of Lumax Ituran Telematics Private Limited (Joint Venture Company)

The amendment to the JV agreement is that the Chairman shall be nominated by Lumax and have the second and casting vote.

Accordingly, Lumax Ituran Telematics Private Limited has become a Subsidiary of the Company from its existing status of Associate Company.

Shares of Lumax Auto Technologies Limited was last trading in BSE at Rs. 156.05 as compared to the previous close of Rs. 157.70. The total number of shares traded during the day was 11258 in over 593 trades.

The stock hit an intraday high of Rs. 166.00 and intraday low of 155.00. The net turnover during the day was Rs. 1765959.00.

Source : Equity Bulls

Keywords

LumaxAutoTechnologies INE872H01027 LUMAXTECH JointVentureAgreement Amendment JVPartner