Source : Economic Times
Tata Group firm Automotive Stampings & Assemblies Ltd on Saturday said Spain-based Gestamp Servicios SL will acquire 37.5 per cent stake in it in a deal that could be valued at nearly Rs 36.31 crore.
Under the agreement, Gestamp would acquire up to 37.5 per cent of the paid-up equity share capital of the company from from one of the promoters, Tata AutoComp Systems Ltd (TACO), and partly through an open offer to the shareholders at a price of Rs 94.96 per share, the company informed the Bombay Stock Exchange.
The number of equity shares that Gestamp would acquire from TACO would depend on the number of equity shares tendered by the public shareholders, in response to the open offer, it said. Post acquisition, Gestamp along with TACO and Tata Industries Ltd would become the promoters of the company, it said.
The board at its meeting held on Friday discussed the acquisition and took note of Gestamp's public announcement issued by Yes Bank Ltd on behalf of the Spanish company for acquiring up to 19,02,261 equity shares of the company. After completion of the sale of shares as above, the company would become a joint venture of TACO and Gestamp.
Gestamp and TACO, inter se, would eventually have 50:50 equity stake in the company. Gestamp would provide necessary technology to Automotive Stampings in terms of an agreement to be finalised for this purpose.
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