Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') Setco Automotive has informed that in furtherance of the resolutions passed by the Board of Directors on June 04, 2021 and approved by the shareholders of the Company on June 29, 2021 the Company has entered into a deed of assignment dated August 11, 2021 with Setco Automotive (UK) ('SAUL'), a Wholly Owned subsidiary and Setco Automotive (NA) Inc. ('SANAI'), step-down wholly owned subsidiary of the Company for acquisition of all the trademarks, designs and other intellectual property rights, relating to the clutch manufacturing business, including 'LIPE' brand ('IPRs'), for a consideration amount of GBP 3.38 MN and USD 3.28 MN respectively.
The above information is a part of company’s filings submitted to BSE.
