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Lumax Auto climbs over 2.5% after amending JV agreement with Ituran

Lumax and lturan hold 50:50 shareholding of Lumax lturan Telematics.

January 03, 2022 10:08 IST | India Infoline News Service
Lumax Industries
Lumax Auto Technologies Limited has today, i.e. January 01, 2022, amended its existing Joint Venture Agreement which was entered with Ituran Location and Control Limited (JV Partner).

Lumax and lturan hold equal percentage (50:50) of shareholding of the Equity Share Capital of Lumax lturan Telematics Private Limited (Joint Venture Company).

“There shall be six Directors on the Board comprising of three Lumax Directors and three Ituran Directors. Further, the Chairman shall be nominated any change in capital structure, etc.; by Lumax,” the company said in a filing on Saturday.

At around 10.10 am, Lumax Auto Technologies Ltd was trading at Rs160.10 per piece up by Rs4.05 or 2.6% from its previous closing of Rs156.05 per piece on the BSE.

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