Varroc Engineering hits the roof on divestment of 4-Wheeler Lighting Business in America and Europe

29 Apr 2022 , 09:39 AM

Varroc Engineering Limited’s counter skyrockets and touch new a 52-week high in today’s early morning trade as the company announced its divestment plans.

At around 9.36 AM, its scrip was trading 20% higher at Rs493.85 against its previous close of Rs411.55 on NSE.

Varroc Engineering Limited (the Company), along with its wholly-owned subsidiary VarrocCorp Holding B.V. Netherlands, has entered into a Securities Purchase Agreement with Compagnie Plastic Omnium Se, France for divestment of the 4-Wheeler Lighting Business of the Company in the Americas and Europe.

The proposed divestment was approved by the Board of Directors of the Company in its meeting held on April 28, 2022.

It is proposed to incorporate the New Entity with Authorised Capital of Rs10 lakh which can be increased from time to time as per the requirement.

The said agreement is entered between Varroc Engineering Ltd., India VarrocCorp Holding B.V., The Netherlands, and Compagnie Plastic Omnium Se, France.