JBM Auto acquires remaining 20.10% stake in JBM Solaris EV; stock down ~2%

25 Apr 2022 , 12:10 PM

JBM Auto Limited has executed an agreement to acquire the balance 20.10% stake consisting of 30,15,343 equity shares of JBM Solaris Electric Vehicles Private Limited which is a subsidiary of the company. The said acquisition is from the Joint Venture Partner Solaris Bus & Coach SP. Z O.O.

The Company already holds 70.90% of the paid-up equity share Capital of JBM Solaris Electric Vehicles Private Limited. Post this acquisition, JBM Solaris EV will become a wholly-owned subsidiary of the Company.

The company has fixed cash consideration of Rs84.50 lakh for this acquisition.

JBM Solaris Electric Vehicles Private Limited was incorporated as a private company limited by shares in the year 2016 as a joint venture between the Company and Solaris Bus & Coach SP. Z O.O. It is engaged in the business of manufacturing and supply of 9 Metre and 12 Metre Electric/Hybrid buses.

At around 12.08 PM, JBM Auto was trading 2.12% lower at Rs571.20 against its previous close of Rs583.55 on BSE. It touched intraday high and low of Rs580.95 and Rs563.15 respectively so far.