ASK Automotive Limited to form JV with AISIN Asia Thailand Company Ltd

The Board of Directors of ASK Automotive Limited, at their Meeting held on April 24, 2024 (which commenced at 11:00 A.M. and concluded at 11:50 A.M.), granted their approval for entering into a joint venture with Aisin Asia (Thailand) Company Limited, Thailand ("AA-T") and AISIN Automotive Haryana Private Limited, India, ("AHL") (AA-T and AHL collectively referred to as 'AISIN Group Companies'), for marketing and selling of the Independent After Market ("IAM") parts for passenger cars, through a joint venture company ("JV Co."), which will be incorporated after execution of Joint Venture Agreement ("JVA").

The Company shall own 51% of the shareholding in the JV Co., and shall be infusing funds up to Rs. 10,71,00,000/- (in total), in one or more traches in the JV Co. out of which an amount of Rs. 51,00,000/- shall be infused at the time of incorporation of the JV Co. and accordingly the proposed JV Co. will be the subsidiary of the Company. Further, the remaining 49% shall be owned by AISIN Group Companies.

Shares of ASK Automotive Limited was last trading in BSE at Rs. 319.10 as compared to the previous close of Rs. 324.15. The total number of shares traded during the day was 7839 in over 369 trades.

The stock hit an intraday high of Rs. 326.55 and intraday low of 316.00. The net turnover during the day was Rs. 2520482.00.

Source : Equity Bulls

Keywords

ASKAutomotive AutoComponents Equipments INE491J01022 JV AISINAsiaThailandCompany