CEAT shines on inking pact to acquire additional 1.83% stake in Tyresnmore Online
Ceat is currently trading at Rs. 1337.00, up by 22.35 points or 1.70% from its previous closing of Rs. 1314.65 on the BSE.
The scrip opened at Rs. 1290.00 and has touched a high and low of Rs. 1339.95 and Rs. 1290.00 respectively. So far 4021 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1763.15 on 04-Feb-2021 and a 52 week low of Rs. 965.70 on 15-Oct-2020.
Last one week high and low of the scrip stood at Rs. 1344.20 and Rs. 1290.00 respectively. The current market cap of the company is Rs. 5317.77 crore.
The promoters holding in the company stood at 46.82%, while Institutions and Non-Institutions held 37.67% and 15.51% respectively.
CEAT has entered into a fourth addendum agreement to the existing share subscription and shareholders' agreement with Tyresnmore Online (TOPL) and other parties for investing up to Rs 1.4 crore to acquire an additional 1.83 per cent of the post-issue share capital of TOPL. Upon completion of the investment, the total holding of the company in Tyresnmore on a fully diluted basis would be 46 per cent.
The proposed investment of Rs 1.4 crore is scheduled to be made in the third quarter of FY22 through cash consideration by way of subscribing to 7,522 compulsorily convertible preference shares (CCPS) having a face value of Re 1 each.
CEAT is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.
