CEAT to increase stake in Tyresnmore

CEAT Limited has entered into a Fifth Addendum Agreement to the existing Share Subscription and Shareholders' Agreement with Tyresnmore Online Private Limited ('Tyresnmore') and other parties, for making a further investment of upto ₹ 9 Crore in Tyresnmore on such terms and conditions as prescribed therein to acquire additional 10.89% of the fully diluted post issue total share capital of Tyresnmore.

Upon completion of the aforesaid investment, Tyresnmore shall become Subsidiary of CEAT Limited and the total holding of CEAT Limited in Tyresnmore on a fully diluted basis would be 56.9%.

Tyresnmore is engaged in the business of selling automotive tyres, accessories and/or providing services of installing, fitting, wheel balancing and wheel alignment for automotive tyres.

The proposed investment is by way of subscribing to 59,582 Compulsorily Convertible Preference Shares (CCPS) having face value of Re. 1 each at a price of ₹ 1,510.50 (Indian Rupees One Thousand Five Hundred Ten and Fifty Paise only), to acquire additional 10.89% of the post issue total share capital of Tyresnmore on a fully diluted basis.

Shares of CEAT Limited was last trading in BSE at Rs. 1944.20 as compared to the previous close of Rs. 1968.30. The total number of shares traded during the day was 18571 in over 1814 trades.

The stock hit an intraday high of Rs. 1994.40 and intraday low of 1939.75. The net turnover during the day was Rs. 36526230.00.

Source : Equity Bulls

Keywords

CEAT INE482A01020 CCPS StakeIncrease TyresnmoreOnline