Azad India Mobility Limited acquires 71% stake in NAE Mobility Pvt Ltd

Azad India Mobility Limited (Formerly Indian Bright Steel Co Ltd) has acquired 71% stake in NAE Mobility Private Ltd having its Registered Office situated at 27 K M, Mysore Road, Sheshagirhalli, Bangalore, Bangalore, Karnataka, India, 562109 engaged in the business of Manufacturing of Electric Vehicles.

NAE Mobility Private Ltd is having the OEM license with itself enabling it to manufacture electric vehicles and bodies. The Promoters of Nae Mobility Pvt Limited and Azad India Mobility (Allottee) are the same and the management propose to make NAE Mobility Pvt Ltd, as the Subsidiary of Azad India Mobility which will enable Azad India Mobility Ltd to use the OEM License which was primarily issued to NAE Mobility Pvt Ltd in order to save time and cost to a huge extent.

Shares of Azad India Mobility LTD. was last trading in BSE at Rs. 177.35 as compared to the previous close of Rs. 180.90. The total number of shares traded during the day was 559 in over 13 trades.

The stock hit an intraday high of Rs. 177.35 and intraday low of 177.30. The net turnover during the day was Rs. 99138.00.

Source : Equity Bulls

Keywords

AzadIndiaMobility INE566M01017 StakeAcquisition NAEMobility