NRB Bearings’ Board of Directors has considered and approved the execution of a share purchase agreement with NRB Holdings (NRB Holdings), a wholly owned subsidiary of the company, incorporated in Dubai International Finance Centre, Dubai, United Arab Emirates for disinvestment of its 100% shareholding in its wholly owned subsidiary, NRB Bearings Europe GmbH, to NRB Holdings at an aggregate consideration of not less than Rs 1.32 crore.
The board also approved execution of a share purchase agreement with NRB Holdings for disinvestment of its 100% shareholding in its wholly owned subsidiary, NRB Bearings USA Inc., to NRB Holdings at an aggregate consideration of not less than Rs 96.60 lakh. Further, subsequent to the execution of the share purchase agreements, both NRB Bearings Europe GmbH and NRB Bearings USA Inc. would cease to be a wholly owned subsidiary of the company and would be step-down subsidiaries of the company.
NRB Bearings (NRB) offers a wide range of high-precision friction solutions for all mobility applications. the company is leader in the production of needle bearings and cylindrical roller bearings.
