Mobile Tele to acquire 50% stake in e-Bike manufacturing company

The Board of Directors of Mobile Tele Communications Ltd at its meeting held on April 26, 2007 has approved the acquisition of 50% stake in M/s Cynosure Enterprises Ltd (CEL), an e-Bike manufacturing company Based at Hyderabad. Cynosure Enterprises which started its operations for the first time in India in September 2006 and presently having two Plants in Hyderabad and Jaipur. By this acquisitions M/s Cynosure Enterprises Ltd will become a subsidiary of the Company.

The Company had approved to commence the assembly of e-Bikes at its Nashik plant and also take-up the assembling at other locations in India.

M/s Cynosure Enterprises Ltd has launched Docile plus model across the country and its product is well accepted in the market. CEL has Plans to Set up assembling of e-bikes across nine locations in India.

Mr. Anil Vedmehta, CMD of the Company has been authorized to sign and execute all the necessary documents, agreements, undertakings etc. pertaining to the acquisition of the stake.

The stock closed on Friday at Rs.16.23, down by Rs.0.74 or 4.36%. The total traded quantity was 12925 compared to 2 week average of 60248. The stock hit an intraday high of Rs.16.75 and intraday low of Rs.16.20.

Source : Equity Bulls

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