Rico Auto Industries registered a sharp rise in share prices on Friday after the board of directors has approved the divestment of the entire 50% stake of the company in the joint venture FCC RICO. The joint venture is between the company and FCC Co, Japan. The company will sell stake joint venture partner FCC Co, Japan or its affiliates for gross consideration of Rs 4.95 billion.
The sale will be completed subject to completion of customary conditions precedent and such other regulatory conditions as may be required to be complied with as applicable, the company said.
Shares of the company are trading at Rs 37, up Rs 1.7, or 4.82% at the Bombay Stock Exchange (BSE) on Friday at 11:40 a.m.
The scrip has touched an intra-day high of Rs 37.05 and low of Rs 36.20. The total volume of shares traded at the BSE is 934,084.