Autoline Industries has received an approval to sell 30,600 shares of common stock representing 40% stake held in DEP Autoline USA, Inc. in phased manner by way of buy back arrangement, at a total consideration of $3.50 million to be received in proportion to the shares to be bought back over a period of 16 months.
The company will also be selling 25,500 equity shares of Rs 10 each representing remaining 40% stake held in Nuvent Technologies, Chennai at a total consideration of Rs 2.55 lakh to be paid within 30 days of the effective date i.e. June 03, 2013. The Executive Committee duly authorized by the board of directors of the company have approved for the same on June 03, 2013.
Autoline Industries is a manufacturer of pressed sheet metal automotive components and assemblies, and is engaged in design engineering for automotive original equipment manufacturers (OEMs) based in India, the US and Europe.
