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Rico Auto industries completes acquisition of stake in Magna Rico Powertrain

01 Apr 2019 Evaluate

Rico Auto industries along with its step down subsidiary, Rasa Autocom, has completed the acquisition of 2,11,20,000 equity shares having a face value of Rs 10 each of its Magna Rico Powertrain from the other Magna Powertrain GMBH at the rate of Rs 4.05 per share for a total consideration of Rs 8.56 crore.

Post the completion of acquisition of above equity shares, Magna Rico Powertrain has now become a subsidiary of Rico Auto Industries and Rico Auto Industries, along with its step down subsidiary, Rasa Autocom holds the entire share capital of Magna Rico Powertrain.

Rico Auto Industries is engaged in the manufacturing of clutch and crank case. The company is engaged in the manufacturing and sale of auto components for two wheelers and four wheelers.

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