Elgi Equipments share price rose 3 percent intraday on June 9 after the company's US unit made an investment in the Compressed Air Solutions of Texas, LLC.
Elgi Compressors has subscribed and made its first tranche of investment of $20,000 out of the proposed $1,00,000 in Class A and $5000 out of the proposed total investment of $25,000 in Class B shares, representing 50 percent of the Compressed Air Solutions' capital.
The remaining investment will be made in tranches and completed by October 2020.
Bryan Becker, the joint venture partner, has also made his first tranche of investment of $20,000 out of his plan to invest $1,00,000 in Class A shares.
He is not eligible to participate in Class B shares.
Elgi Compressors and Becker made their first investments on June 8 and the same date may be considered as the date of formation of the joint venture.
At 1138 hours Elgi Equipments was quoting at Rs 158.70, up Rs 1.55, or 0.99 percent on the BSE.
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