01-01-1970 12:00 AM | Source: Accord Fintech
Schaeffler India inches up on getting nod for sale of chain drive business undertaking to Catensys India
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Schaeffler India is currently trading at Rs. 2091.95, up by 9.45 points or 0.45% from its previous closing of Rs. 2082.50 on the BSE.

The scrip opened at Rs. 2108.65 and has touched a high and low of Rs. 2111.15 and Rs. 2086.90 respectively. So far 382 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2437.05 on 29-Apr-2022 and a 52 week low of Rs. 1011.57 on 24-May-2021.

Last one week high and low of the scrip stood at Rs. 2196.50 and Rs. 2003.80 respectively. The current market cap of the company is Rs. 32550.24 crore.

The promoters holding in the company stood at 74.13%, while Institutions and Non-Institutions held 20.44% and 5.43% respectively.

Schaeffler India has received an approval for the sale of chain drive business undertaking of the company as a going concern on a slump sale basis to Catensys India (CIPL) for a lumpsum cash consideration of approximately Rs 27.4 crore. The Business Transfer Agreement (BTA) is expected to be executed on or before June 30, 2022.  The final consideration is subject to the adjustments as on the date of sale as per the terms of Business Transfer Agreement to be executed.

The company has evaluated and decided to focus on the business areas having future growth potential and to take strategic options accordingly. In view of the not promising outlook of Chain Drive business, the company has decided the strategic option of divestment of this business.  

Schaeffler India has its presence in automotive and across all core industrial segments.