Rane Holdings has received approval from board of directors to divest 87,383 equity shares representing 1% of the total shareholding of Rane TRW Steering Systems (RTSS/JV) to ZF Automotive JV LLC, USA (ZF). Currently, RTSS is a 50:50 joint venture between the Company and ZF. Pursuant to this divestment, the Company will hold 49% and ZF will hold the remaining 51% shareholding in the JV.
The Joint Venture agreement is being suitably amended to reflect the changes due to the aforementioned divestment. The consideration received from such sale/disposal will be Rs 20.16 crore.
Rane Holdings is the holding company of the Rane Group.
