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Lumax Industries acquires 100% stake in Czech Republic-based 'Damberty Real'; stock soars ~3%

Consequently, Lumax Industries Czech s.r.o became a wholly-owned subsidiary (WOS) of the company.

September 15, 2022 12:07 IST | India Infoline News Service
Lumax Industries Limited informed that it has acquired a 100% equity stake in a Czech Republic-based Company, named Damberty Real s.r.o, whose name has been changed to Lumax Industries Czech s.r.o.

Consequently, Lumax Industries Czech s.r.o became a wholly-owned subsidiary (WOS) of the company.

The objectives of the WOS have been altered to Manufacturing, trade, and services relating to the automotive sector.

The acquisition is taking place to provide/receive services relating to the design and development of new technologies for automotive lighting systems for the Company's existing and new clients in Indian and abroad markets, as well as assistance in the establishment of new facilities by the Company in India.

The company has paid the 100% consideration in cash, which is CZK 12000.

At around 12.09 PM, Lumax Industries was trading at Rs1,755.35 up by 2.59% from its previous closing of Rs1,711.05 on the BSE. The scrip touched intraday high and low of Rs1,757.90 and Rs1,718.75 respectively.

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