Sandhar Tech enters into agreement with Kwangsung Corporation

28 Jan 2022 , 04:26 PM

Sandhar Technologies Limited (STL) has entered into a Shareholders Agreement (SHA) on January 27, 2022, with Kwangsung Corporation Ltd (KSC), Kwangsung Sandhar Technologies Private Limited (KSTPL), and Kwangsung Sandhar Automotive Systems Private Limited (KSASPL) for the purpose of subscription/acquisition of Equity Shares in KSASPL.

STL and KSC are holding 51.05% and 48.95% shareholding of KSTPL (Joint Venture Company) respectively. Further, KSASPL is a wholly owned subsidiary of KSTPL.

The agreement is entered for subscription equity shares in KSASPL by STL and KSC in 50:50 ratio of fresh issue. STL and KSC has right to nominate two Directors each.  

KSASPL will issue 1,18,60,000 equity shares to STL and KSC, from time to time, in one or more tranches as per applicable law, company said in a filing on Thursday.

Sandhar Technologies Limited ended at Rs245 per piece down by Rs3.35 or 1.35% from its previous closing of Rs248.35 per piece on the BSE.