FIAT CONTRIBUTING TO Rs400 CRORE AS PREF SHARES IN IND AUTO
Article Abstract:
Ind Auto Limited (IAL) has sought the permission of the Foreign Investment Promotion Board for raising Rs400 crore through the issue of cumulative participating preference shares to Fiat India Auto (FIA). These shares can be converted into equity or redeemed any time after 7 years but before 10 years. After the conversion, the stake of FIA's would rise to 100 percent. Now, FIA holds 51 percent stake in IAL and Premier Auto Ltd (PAL) the rest. FIA will have the option of buying PAL's stake in IAL when it wants to sell, in which case the foreign equity through FIA would rise to 100 percent, representing Rs466 crore. (ag)
Comment:
Ind Auto seeks permission for raising Rs400 crore through issue of cumulative participating preference shares to this firm
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
FIAT TO BUY OUT PAL'S 49% IN IND AUTO
Article Abstract:
Fiat India Automobiles Private Limited (FIAL) is to acquire 49 percent stake held by Premier Automobiles Limited (PAL) in the joint venture company, Ind Auto Limited, manufacturer of Uno cars, to become the sole owner of the company. The equity will be acquired at a cost of Rs32 crore. At present, FIAL has a stake of 51 percent in the company. FIAL has also sought the government's permission to subscribe to the Rs400 crore cumulative participating preference shares proposed to be floated by Ind Auto to be converted into equity shares. (gsh)
Comment:
To sell 49% stake Ind Auto to Fiat India Automobiles Private
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
HONDA MOTOR UPS STAKE IN HSCI
Article Abstract:
Honda Motor Company (HMC) plans to increase its stake in Honda Siel Cars India (HSCI) from 60 percent to 80 percent during 1998- 99. The acquisition is expected to cost Rs180 crore. HSCI is a 60:40 joint venture between HMC and Siel Ltd. The remaining 20 percent stake will be held by Siel. The authorised capital of HSCI will be increased to Rs360 crore from Rs180 crore. Siel will have the option of buying back 15 percent of the increased equity worth Rs54 crore during the next two financial years. (ag)
Comment:
To increase its stake in Honda Siel Cars India from 60% to 80% during 1998-99
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: CARE TO OFFER 5-10 PERCENT EQUITY STAKE TO FITCH IBCA. CHASE BUYS OUT NATWEST's 20 PC STAKE IN HDFC BANK CRISIL SCRIP ON HIGH
- Abstracts: ICL SELLS RAASI CERAMICS TO HIND SANITARYWARE. CEMENT UNIT OF RAASI VESTED WITH ICL. ICL ACQUIRES 5.58 PER CENT FURTHER STAKE IN RAASI
- Abstracts: STERLITE RAISES INDAL OFFER TO Rs221, ALCAN LAGS AT Rs175 STERLITE MULLS POSSIBILITY OF INDAL MERGER STERLITE SETS RIDER TO BUY INDAL SHARES
- Abstracts: LUPIN LABS POSTS 41% INCREASE IN NET PROFIT LUPIN LABS PLANS THREE MORE ACQUISITIONS IN CHINA, US, EU. LUPIN TO BUY US CO FOR $35 M
- Abstracts: TNPL LOSS AT Rs3.6 CR TNPL FIRST HALF SALES UP 12.9%. TNPL Q3 NET PROFIT AT Rs1.02 CRORE