FIEM Industries to exit JV

The Board of Directors of FIEM Industries Limited at their meeting held today i.e. on February 14, 2022 have decided to exit from Joint Venture Company (JV Company) - Aisan Fiem Automotives India Pvt. Ltd.

Accordingly, in terms of Joint Venture Agreement (JV Agreement), FIEM Industries Limited will, in exercise of the put-option rights reserved under the JV Agreement, offer the entire shares held by the Company in the JV Company to the other Joint Venture Partner(s) for purchase at face value or fair market value, whichever is higher. FIEM Industries Limited had invested Rs. 26 Crore for acquiring 26% shareholding in the JV Company. The exit process is expected to be completed within first quarter of next financial year.

Shares of Fiem Industries Limited was last trading in BSE at Rs. 1055.80 as compared to the previous close of Rs. 1113.90. The total number of shares traded during the day was 4059 in over 949 trades.

The stock hit an intraday high of Rs. 1111.00 and intraday low of 1048.00. The net turnover during the day was Rs. 4378934.00.

Source : Equity Bulls

Keywords

FiemIndustries INE737H01014 JV StakeSale