Acquisitions9 Apr 2025, 05:45 pm
Remsons Industries Acquires 51.01% Stake in Astro Motors Private Limited for Rs. 10.00 Crore
AI Summary
Remsons Industries Ltd. has approved the acquisition of 51.01% stake in Astro Motors Private Limited. The acquisition will be made in two ways: (a) by subscribing for 62,500 new Equity Shares of Rs. 10/- each for cash at a price of Rs. 1,600/- per share; and (b) by acquiring 26,400 Equity Shares of Rs. 10/- each from the existing promoters of the Company, consideration to be paid by issue and allotment of 3,19,994 new Equity Shares of Rs. 2/- each of the Company. The total cost of acquisition is approximately Rs. 14,22,40,000. Astro Motors Private Limited, incorporated in 2020, is currently engaged in the business of developing and manufacturing of electric vehicles for cargo, loaders, passengers and micro mobility.
Key Highlights
- Remsons Industries to acquire 51.01% stake in Astro Motors Private Limited
- Acquisition to be made through cash and share swap
- Astro Motors Private Limited is engaged in the business of developing and manufacturing of electric vehicles
- Astro Motors Private Limited was incorporated in 2020 and registered with the Registrar of Companies, Mumbai, Maharashtra
- The total cost of acquisition is approximately Rs. 14,22,40,000