CIE Automotive India has acquired 69,40,000 fully paid-up equity share of Rs 10 each of CIE Hosur, a wholly owned subsidiary of the Company, on rights basis, for a total consideration of around Rs 120.75 crore. CIE Hosur continues to be a wholly owned subsidiary of the company. This is acquisition of additional shares in existing wholly owned subsidiary. The funds raised by CIE Hosur shall be used for repayment of intercorporate loans, capital expenditure and general corporate purposes.
CIE Automotive India is a multi-technology automotive components supplier. The company is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers (including leading suppliers of components) in India and overseas.
