Rane Holdings acquire creeping 2.33% stake in its subsidiary through open market; stock jumps 1%

16 Mar 2022 , 01:36 PM

Rane Holdings’ has acquired (creeping acquisition) 1,80,000 equity shares of Rs10 each fully paid up (2.33%) in its subsidiary Rane Brake Lining Limited (RBL) through open market purchase. The aggregate equity shareholding of RHL in RBL post this acquisition stands increased from 47.70% to 50.03%.

The stock was trading 1% higher at Rs595.70 against its previous closing price of Rs589.90.

The Company’s turnover during the immediately preceding financial year 2020-21 was Rs423.29 crores. The cost of acquisition is Rs11.25 crore (approximately) excluding charges & taxes.

RBL is a manufacturer of friction material products such as Brake linings, Disc pads, Clutch facings, Clutch buttons, Brake Shoes, and Railway I brake blocks. Equity shares of RBL are listed and I traded in both NSE and BSE.