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| Exchange Disseminated Time | Automotive Stampings and Assemblies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 02, 2010, inter alia, has considered and approved the following:
1. Noted and approved execution as a confirming party of the Share Purchase Agreement, dated December 02, 2010 ("Agreement") between Tata AutoComp Systems Ltd ("TACO") and Gestamp Servicios, S. L. ("Gestamp").
In terms of the Agreement, TACO will acquire 3,824,453 equity shares (37.5% of the paid-up equity share capital of the Company) from Gestamp at a price of Rs. 89.50 per share by way of inter se transfer of shares amongst qualifying promoters in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI Takeover Regulations").
It was further noted that post such acquisition:
- Gestamp shall cease to be the promoter of the Company; and
- The Company shall become the subsidiary of TACO;
2. Consequent to the proposed sale of the entire stake in the Company by Gestamp to TACO, the Board approved the proposal to discontinue the existing arrangement of technology support / technical assistance with Gestamp Group Company viz. Estampaciones Metalicas Vizcaya SA simultaneously with the transfer of shares as per the Agreement by entering into the "Waiver and Termination Agreement", subject to payment of outstanding royalty to Estampaciones Metalicas Vizcaya SA and the Company's continued enjoyment of an unfettered right at all times to continue the manufacture of the products as at present, without payment of any further royalty. |
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