Schaeffler India (earlier FAG Bearings India) has announced merger of three of its Indian companies – INA India and LuK India will be merged into Schaeffler India.
The parent company has a 51.33% stake in the Indian counterpart and post this merger, the stake will rise to 74.13%.
Schaeffler India will now be issuing 14.64 million new equity shares.
Alert: Promoter currently owns 51.33 percent in Schaeffler India, 100 percent in LuK India & INA India.
The market is very happy with this merger and the Rs.10 FV stock price rose over 17% to Rs.4998.85; it has come off this intra day high but remains over 14% higher at Rs.4875 levels.