2025-05-02 22:13:21
Latest Post
Dixon enters into JV agreement with Inventec
Varun Beverages Ltd approves interim dividend of Rs. 0.50
PVR INOX opens 4 screen multiplex at KA Mall, Jabalpur, Madhya Pradesh
HPCL and ADNOC Trading Signs their 1st LNG Trading Supply Agreement 
Fire and Explosion at Premier Explosives Ltd's factory situated at Katepally Village
Stock Report
Atul Auto Ltd completes acquisition of 70% in Khushbu Auto Finance Ltd
Posted On : 2021-09-02 21:21:41( TIMEZONE : IST )
Atul Auto Limited ("the Company') has completed the acquisition of 70% equity share capital of Khushbu Auto Finance Limited ("KAFL") whereby making it Wholly Owned Subsidiary on September 01, 2021. Before the acquisition, the Company was holding 30% equity share capital of KAFL.
KAFL is Non-Banking Finance Company registered with Reserve Bank of India ("RBI"). KAFL is having networth of Rs.68.96 Crore as on March 31, 2021 and Turnover of Rs.33.80 Crore in FY 2020-21. 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.
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".
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.
The Equity Shares of face value of Rs.10 per share has been acquired at Rs.16.16 per equity share with the total consideration amounting to Rs.44,56,92,800/-
Before the acquisition, the Company was holding 1,18,20,000 (30%) equity shares of KAFL. The Company has now acquired remaining 2,75,80,000 (70%) equity shares of KAFL. After this acquisition, 100% shares are held by the Company.
Shares of Atul Auto Limited was last trading in BSE at Rs. 198.8 as compared to the previous close of Rs. 202.3. The total number of shares traded during the day was 11410 in over 527 trades.
The stock hit an intraday high of Rs. 205.9 and intraday low of 197.5. The net turnover during the day was Rs. 2288048.
