Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

ATUL Auto Ltd to acquire 70% in Khushbu Auto Finance Limited

Posted On: 2020-10-30 05:40:18 (Time Zone: Arizona, USA)


The Board of Directors of ATUL Auto Ltd has at its meeting held on 30th October 2020 approved to acquire 70% of the equity share capital of Khushbu Auto Finance Limited ("KAFL") whereby making it Wholly Owned Subsidiary subject to required regulatory approval. Currently, the Company holds 30% of the equity share capital of KAFL.

KAFL is Non-Banking Finance Company registered with Reserve Bank of India ("RBI"). KAFL is having networth of Rs.63.67 Crore as on March 31, 2020 and Turnover of Rs.32.65 Crore in FY 2019-20. The Company is engaged mainly in the business of financing of three-wheeler automobiles. KAFL has business presence in the state of Gujarat, Haryana, Andhra Pradesh, Kerala and Karnataka.

The Company presently holds 1,18,20,000 (30%) equity shares of KAFL. Out of total 2,75,80,000 equity shares of KAFL to be acquired, 2,01,43,965 equity shares would be acquired from the related parties which include Directors, their relatives, Promoter and members of the Promoter Group of the Company. The same is acquired at the fair value derived by Independent Registered Valuer hence at "arms length". Equity Shares of face value of Rs.10 per share will be acquired at Rs.16.16 per equity share with the total consideration amounting to Rs.44,56,92,800/-

The acquisition is made with an object to ensure the desired finance support to the retail customers of vehicles of the Company.

With 100% control over KAFL, it will become a captive finance company. The sufficient availability of finance to the retail customers would give positive effect in sales of vehicles of the Company.

Shares of ATUL AUTO LTD. was last trading in BSE at Rs.159.1 as compared to the previous close of Rs. 155.8. The total number of shares traded during the day was 5380 in over 286 trades.

The stock hit an intraday high of Rs. 159.7 and intraday low of 155.8. The net turnover during the day was Rs. 844894.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Ganesha Ecosphere Ltd reports Rs. 20.10 crore consolidated PAT in Q3 FY2020-21

RPG Life Sciences Ltd posts higher PAT of Rs. 12.87 crore in Q3FY21

Datamatics wins the Market Research Society of India (MRSI) Golden Key Awards 2020

CRISIL reaffirms ratings of Vardhman Special Steels Limited, revises outlook

UCO Bank announces Financial Results for the Quarter Ended 31st December 2020

Dr. Lalit Kanodia Laureate Award for Technological Excellence 2020 awarded to VTION

Dr. Agarwals Eye Hospital Ltd reports PAT of Rs. 4.43 crore in Q3FY21

Wipro appoints Douglas Silva as Country Head for Brazil

Precision Camshafts Limited receives award from the IPF Industrial Excellence Forum 2021

L&T Q3FY21 consolidated PAT at Rs. 2466.71 crore

ICICI Securities Ltd posts Rs. 267.02 crore consolidated PAT in Q3 FY2020-21

Benares Hotels Ltd Q3 PAT at Rs. 0.54 crore

Navin Fluorine International Ltd Q3FY21 consolidated PAT at Rs. 56.44 crore

CG-VAK Software & Exports Ltd Q3FY21 consolidated PAT climbs to Rs. 1.74 crore

TCS' AI-powered Merchandise Optimization Suite Optumera™ Honored by AIconics Awards

KIFS Financial Services Ltd Q3FY21 PAT at Rs. 0.40 crore

Astec LifeSciences Ltd Q3 consolidated PAT slides to Rs. 7.05 crore

Agro Tech Foods Limited restarts commercial production

CARE maintains rating of TGV SRAAC Ltd

Mahindra Holidays & Resorts India Limited announces results for the quarter ended 31stDecember 2020

Can Fin Homes Ltd Q3 FY2020-21 net profit up at Rs. 131.91 crore

Genus Paper & Boards Ltd Q3FY21 net profit at Rs. 4.15 crore

Chennai Petroleum Corporation Ltd Q3FY21 consolidated loss at Rs. 546.41 crore

Sharda Cropchem Ltd Q3FY21 consolidated PAT jumps to Rs. 48.30 crore

Natural Capsules Ltd reports consolidated PAT of Rs. 1.62 crore in Q3FY21

TGV Sraac Ltd reports lower Q3FY21 net profit of Rs. 9.85 crore

Aarti Drugs Ltd Q3FY21 consolidated PAT drops QoQ to Rs. 68.04 crore

Lakshmi Electrical Control Systems Ltd Q3FY21 net profit at Rs. 0.0875 crore

PG Electroplast Ltd Q3FY21 net profit rises to Rs. 6.49 crore

Kirloskar Ferrous Industries Ltd Q3 net profit jumps to Rs. 118.32 crore

Stylam Industries Ltd reports Rs. 12.46 crore consolidated PAT in Q3FY21

Vinyl Chemicals India Ltd posts Rs. 4.83 crore PAT in Q3 FY2020-21

APL Apollo Tubes Ltd Q3FY21 consolidated PAT higher at Rs. 132.04 crore

Thomas Cook India inks strategic agreement with Destination Maldives

PNC Infratech Limited receives LOAs for Six New Rural Drinking Water Supply Projects on EPC mode for an aggregate value of Rs. 2475.00 crore

Arihant Capital Markets Ltd posts consolidated PAT of Rs. 8.94 crore in Q3FY21

Kotak Mahindra Bank posts Rs. 2575.74 crores consolidated PAT in Q3 FY2020-21

Shri Jagdamba Polymers Ltd Q3 net profit jumps to Rs. 11.35 crore

UCO Bank Q3FY21 PAT at Rs. 35.44 crore

DCW Limited board approves fund raising through warrants

Lupin Receives approval for Sevelamer Carbonate Tablets

Strides receives USFDA approval for Ursodiol Capsules

Kiri Industries Limited starts commercial production of Specialty Intermediates at Vadodara Palnt

Bannari Amman Spinning Mills Ltd board approves stock split, CDR

Padget Electronics to commence manufacturing of Nokia smartphones as HMD Global's manufacturing partners

Zydus' Desidustat shows efficacy and safety in treating Hypoxia in hospitalized Covid-19 patients in Mexico

Wipro recognised as Top Employer 2021 in Australia for the second consecutive year

Antony Waste Handling Cell Ltd updates on business during Q3 FY21

Tiaan Consumer Limited Signs Up as a Beauty Partner for Safe Speed Challenge

R S Software India Ltd posts loss of Rs. 5.11 crore in Q3FY21



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020