Sandhar Technologies, manufacturer and distributer of automobile equipment has entered into Share Purchase agreement (SPA) on December 06, 2021, for purchase of 1,48,23,143 equity shares of its Joint Venture Company namely 'Sandbar Daewha Automotive Systems' (JV Company) from the other Joint Venture Partner namely Daewha Fuel Pump Ind. Acquisition of equity shares is to consolidate its business.
At present, Sandbar Daewha Automotive Systems is the Joint Venture of the Company. Subsequent to proposed acquisition, the shareholding of the company in Sandbar Daewha Automotive Systems will increases to 100% of the paid up equity share capital. The time period for completion of the acquisition is by March 31, 2022.
Shares of the company gained Rs 1.85, or 1.75%, to trade at Rs 248.85. The total volume of shares traded was 3,878 at the BSE (11.48 a.m, Tuesday).
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