Moneycontrol Be a Pro
Get App
Last Updated : Feb 26, 2019 12:27 PM IST | Source: Moneycontrol.com

Sharda Motor surges nearly 10% as board approves demerger of automobile seating biz

Company has entered into the joint venture (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for business development of BS VI norms in commercial vehicle segment in India also.

Moneycontrol News @moneycontrolcom
Auto Ancillary
Auto Ancillary
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of Sharda Motor Industries surged nearly 10 percent intraday Tuesday after company board agreed to the proposed demerger of the automobile seating business.

The company board in its meeting held on February 25, in principally agreed to the proposed demerger of the automobile seating business.

The company has delegated the powers to Ajay Relan (Managing Director), Vivek Bhatia (Chief Financial Officer) and Nitin Vishnoi (Company Secretary) Key Managerial Personnel(s) of the company for taking requisite actions for the same, in due course of time.

Close

Company has entered into the joint venture (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for business development of BS VI norms in commercial vehicle segment in India also.

This Joint Venture is expected to bring benefits to both the JV Partners i.e. SMIL & EET.

Also, board authorized Ajay Relan, Managing Director, of the company to negotiate and sign the joint venture agreement with Eberspacher Exhaust Technology International GMBH J.V Partner.

Board also took note of the memorandum of family settlement among promoters/ promoters group of the company (MOFS).

It may please be noted that the necessary disclosures in respect of each of the above events, shall be given to the Stock Exchange(s) as and when the relevant events happen, company said in release.

At 12:13 hrs Sharda Motor Industries was quoting at Rs 1,521.00, up Rs 118.15, or 8.42 percent on the BSE.

For more market news, click here

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Feb 26, 2019 12:25 pm
Loading...
NULL int(1)
Sections
Follow us on
Available On
PCI DSS Compliant