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Rico Auto Industries hits new 52-week high after board approves merger of three subsidiaries with the company

The company’s step-down subsidiary Rico Jinfei board has also approved the merger of Rico Castings with it.

July 27, 2021 12:12 IST | India Infoline News Service
Rico Auto Industries Limited board on Monday has approved the merger of wholly-owned subsidiary companies, Rasa Autocom Limited (RASA), Rico Aluminium and Ferrous Auto Components Limited (RAFA), and Rico Investments Limited (RIL), with the company.

RIL is a wholly-owned subsidiary of the company and RAFA & RASA are wholly owned subsidiaries of RIL and step-down wholly owned subsidiaries of the company

The company also informed that its Step-Down Subsidiary Company namely Rico Jinfei Wheels Limited board has approved the Scheme of Amalgamation for merger of Rico Castings Limited (RCL), with and into itself.

The Scheme is subject to necessary statutory and regulatory approvals including the approvals of National Company Law Tribunal, the shareholders and creditors of each of the Companies, company said in a filing.

The company further said that after the Scheme of Amalgamation Rico Jinfei shall issue equity shares to the shareholders of RCL which shall result in dilution of 3.05% in Rico Auto’s indirect holding from 94.79% to 91.74% in Rico Jinfei on expanded capital basis.

Rico Auto Industries Ltd stock hit a fresh 52-week high of Rs62.15 per piece during intraday trade on Tuesday. At around 12.16 PM, each stock was trading at Rs61.10 up by Rs2.15 or 3.65% from its previous closing of Rs58.95 on the BSE.

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