Wheels India's foreign partner Titan Europe Plc is likely to raise stake in the company by acquiring shares from the public. After this transaction, which is estimated to be around Rs 102.96 crore, the foreign partner will become a majority shareholder.
At present, Titan Europe holds 35.91% that is 35.44 lakh shares in Wheels India. The open offer for public shareholders is being made following foreign promoter Titan International’s acquisition of Titan Europe Plc. The acquisition will be through an open offer to acquire 1,419,405 shares constituting 14.38% of the fully diluted voting equity share capital of Wheels India from public shareholders.
