Endurance Technologies Limited arm acquires 100% stake in Grimeca Srl

Endurance Adler SpA, Italy (EA SpA), step-down subsidiary of the Company and a direct subsidiary of Endurance Overseas Srl, Italy has acquired 100% stake in Grimeca Srl (Grimeca), Italy, with an effective date of 21/05/2020.

Grimeca is an advanced service company involved in designing & developing new braking products for motorcycle & light-vehicles, including 'co-design' with OEM customers. It has been a technology provider for braking solutions to the Company since 2015.

The acquisition has been completed for a consideration of Euro 2.25 million, which includes Euro 0.9 million for the 100% stake in Grimeca and Euro 1.35 million for technical know-how & intellectual property rights of braking systems & chassis components, and the 'G Grimeca' brand. This acquisition is expected to provide impetus to the growth opportunities for the Company's braking business in India, both for domestic and export markets.

Shares of Endurance Technologies Ltd was last trading in BSE at Rs.627.7 as compared to the previous close of Rs. 629.2. The total number of shares traded during the day was 4407 in over 388 trades.

The stock hit an intraday high of Rs. 637 and intraday low of 625. The net turnover during the day was Rs. 2775994.

Source : Equity Bulls

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