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| Exchange Disseminated Time | Rane (Madras) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 25, 2016, inter alia, has approved the acquisition of 100% of the equity shares of Precision Die Casting Inc., USA (hereinafter referred to as 'PDC / Target Company') through its Wholly Owned Subsidiary (WOS) being incorporated in The Netherlands, subject to satisfactory completion of negotiations with current owners and bankers as well as obtaining necessary regulatory approvals. The Target Company is in the business of manufacturing high pressure aluminium die casting for automotive applications like steering and compressor related die casting components. Some of the major customers are TRW, JTEKT, Nexteer and Mahle.
In this connection, the board of directors of RML has approved the draft share purchase agreement between the WOS and the existing shareholders of the Target Company to acquire 100% of the paid-up share capital of the Target Company.
The transaction is expected to close before the financial year ending March 31, 2016 and is subject to completion of customary conditions precedent and such other applicable regulatory conditions as may be required to be complied with. |
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