Rane Group, one of the India's leading auto components manufacturer, today announced merger of Kar Mobiles (KML) with Rane Engine Valve (REVL), effective from Apr.1, 2014.

The board of directors of both companies approved merger today. 

The exchange ratio will be 7 shares of REVL for every 10 shares of KML.

Kar Mobiles is Karnataka based, manufacturers of large valves for internal combustion engine and caters to the automotive, marine and statinory engines in both the domestic and export markets.

The merger is subject to regulatory, legal and other statutory approvals as may be required.

Shares of the company gained Rs 0.5, or 0.23%, to settle at Rs 215.50. The total volume of shares traded was 415 at the BSE (Tuesday).