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Varroc freezes in upper circuit after selling four-wheeler lighting business in Americas and Europe

There were pending buy orders of 325,879 shares, with no sellers available.

April 29, 2022 / 10:04 AM IST
Varroc Engineering

Varroc Engineering

 
 
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Varroc Engineering share price touched a 52 week high of Rs 494.60 and locked in 20 percent upper circuit on April 29 after the company decided to divest its four-wheeler lighting business in Americas and Europe for 600 million euros.

There were pending buy orders of 325,879 shares, with no sellers available.

"Varroc, along with its wholly-owned subsidiary VarrocCorp Holding BV Netherlands, have entered into an agreement with Compagnie Plastic Omnium Se, France for the divestment," the company said in its release.

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Varroc will also continue to operate its China joint venture and other international two-wheeler businesses in countries like Italy and Vietnam and global electronics businesses in Poland and Romania. The company is also retaining its four-wheeler lighting operations in Asia.

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The board also gave its in-principle approval for the formation of a wholly owned subsidiary in India for pursuing R&D.

At 09:21 hrs Varroc was quoting at Rs 494.60, up Rs 82.40 or 19.99 percent.



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Moneycontrol News
first published: Apr 29, 2022 09:42 am
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