Motherson Sumi Systems: The company has completed the acquisition of a 55 percent stake in CIM Tools Private Limited, one of the leading suppliers in aerospace supply chain based in Bengaluru. CIM in turn holds 83% in Aero Treatment (ATPL) and 49.99% in Lauak CIM Aerospace (JV with Lauak International, LCA). The three founders, Srikanth GS, Umesh AS and Vishwanath Deshpande, retain the remaining 45% stake in CIM. Since the initial announcement in October 2021, CIM's order book has grown 26% to $252 million.
Titan Company: The company in a BSE filing said jewellery business in Q4FY22 declined by 4% yoy, with addition of 16 stores during the quarter, but watches & wearables business registered 12% growth yoy with addition of 34 stores. Its Eyecare segment reported 5% growth yoy with addition of 51 stores during the quarter.
Zee Entertainment Enterprises: Invesco Developing Market Funds will launch a block deal to sell 7.8% stake in the company on April 7, but will continue to hold remaining 11% stake. Invesco reaffirmed belief that Zee Sony deal has a great potential.
IDFC: IDFC and a consortium comprising Bandhan Financial Holdings, GIC and ChrysCapital have entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company, from IDFC, for Rs4,500 crore. The company has declared an interim dividend of Re 1 per equity share.
Asian Granito India: The company in its BSE filing said its Rs441 crore Rights issue will open for eligible shareholders on April 25. The company has fixed April 12 as record date for the purpose of determining the equity shareholders eligible to receive the rights entitlement in the rights issue. The Rights Entitlement Ratio is 37:30. The company will offer 7 crore equity shares through this Rights issue.
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