Suprajit Engineering has acquired the balance 10.88% stake in the fully paid up Equity Share Capital of Phoenix Lamps from Argon India Limited, Mauritius & Argon South Asia, Mauritius i.e.30,47,312 equity shares of Rs 10 each for a consideration at Rs 89 Per share aggregating to Rs 27.12 crore and completed second tranche of share transfer in line with SPA signed on 6th May 2015.
Earlier, the company had acquired 51% stake in Phoenix Lamps on 18th June 2015 and 0.05% shares acquired from open offer concluded recently. With this the company takes the total shareholding in Phoenix to 61.92% and concludes the acquisition activities related to Phoenix Lamps.
Suprajit Engineering is India's largest automotive cable maker with a planned annual cable capacity of 225 million cables. The company’s customer list includes most Indian automotive majors. It also exports to many marquee global customers. The company is committed to being a world class organization, supplying cables and components to overseas and domestic customers in automobile and non-automobile sectors.
