TRF rises on acquiring remaining stake in Srilanka-based DLT

03 Jan 2012

TRF is currently trading at Rs. 213.00, up by 4.00 points or 1.91% from its previous closing of Rs. 209.00 on the BSE.

The scrip opened at Rs. 214.00 and has touched a high and low of Rs. 216.00 and Rs. 212.10 respectively. So far 6,924 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 652.65 on 26-Apr-2011 and a 52 week low of Rs. 195.25 on 21-Dec-2011.

Last one week high and low of the scrip stood at Rs. 217.90 and Rs. 207.90 respectively. The current market cap of the company is Rs. 234.00 crore.

The promoters holding in the company stood at 34.30% while Institutions and Non-Institutions held 15.53% and 50.16% respectively.

TRF acquires balance 49% stake in Srilanka-based Dutch Lanka Trailer Manufacturers (DLT), a world class trailer manufacturing company. Earlier on July 7, 2009, TRF had acquired 51% stake in DLT for $8.67 million through its wholly owned subsidiary TRF Singapore with a Put and Call, option to buy out balance 49% stake of DLT for $8.33 million.

As per the agreement, the shareholders of remaining 49% stake of DLT have exercised the put option and the same has been bought by TRF through TRF Singapore on December 30, 2011 at the agreed consideration. Consequently, DLT has become a wholly owned subsidiary of TRF Singapore.

DLT has manufacturing facility in Sri Lanka and sells trailer in as many as 30 countries. Dutch Lanka Engineering, 100% subsidiary of DLT in Sri Lanka, is engaged in Repairs maintenance and service business for Trailers. It also manufactures Trailers for the Sri Lankan market.

TRF, incorporated in 1962, belongs to Tata group and is engaged in the business of design, manufacture, supply, installation and commissioning of engineered-to-order equipment and systems.

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