Lumax Auto Technologies zooms on getting nod to acquire 25% stake in IAC India
Lumax Auto Technologies is currently trading at Rs. 647.00, up by 28.30 points or 4.57% from its previous closing of Rs. 618.70 on the BSE.
The scrip opened at Rs. 632.15 and has touched a high and low of Rs. 665.90 and Rs. 624.65 respectively. So far 10714 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 684.75 on 02-Jan-2025 and a 52 week low of Rs. 431.00 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 665.90 and Rs. 572.55 respectively. The current market cap of the company is Rs. 4416.62 crore.
The promoters holding in the company stood at 55.98%, while Institutions and Non-Institutions held 21.40% and 22.62% respectively.
Lumax Auto Technologies has received approval for proposed acquisition of remaining 25% shareholding in IAC International Automotive India (IAC India) from its existing shareholder i.e. IACG Holdings LUX SARL (IAC Lux), subject to completion of customary conditions (Proposed Acquisition) in terms of a share purchase agreement amongst the company, IAC India, IAC Lux and International Automotive Components Group North America Inc. (IAC NA). Presently IAC India is a material Subsidiary of the company and post the proposed acquisition, IAC would become a wholly owned material subsidiary of the company.
Equity value for 25 per cent interest in IAC India is approximately Rs 221 crore. The said acquisition is expected to be completed by May 31, 2025, subject to completion of customary conditions precedent as specified in the Share Purchase Agreement. The Board of Directors of the Company, in its meeting held May 16, 2025, has considered and approved the same.
Lumax Auto Technologies manufactures a wide range of automotive components. The company's products include drive transmission and steering components, body and chassis, and electrical components.
