Lumax Auto Tech incorporates Lumax Alps Alpine as 50% subsidiary; Stock gains over 1%

The company has agreed to subscribe initial capital of 50,000 equity shares of Rs10 each aggregating to Rs5 lakh.

Sep 23, 2021 10:09 IST India Infoline News Service

Lumax Auto Technologies Limited has incorporated Lumax Alps Alpine India Private Limited on September 21, 2021, as a 50% subsidiary of the company.

The company has agreed to subscribe initial capital of 50,000 equity shares of Rs10/- each aggregating to Rs5,00,000/- (equivalent to 50% of the paid-up capital) in this subsidiary company.

The company on July 2, 2021, had intimated the exchanges regarding the execution of the Joint Venture Agreement.

At around 10.56 am, Lumax Auto Technologies Ltd was trading at Rs138.35 per piece up by Rs1.85 or 1.36% from its previous closing of Rs136.50 per piece on the BSE.

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