Renold India to acquire LGB's business for 5.7 million pound
Renold India on Thursday said it has entered into an agreement to acquire industrial chain business of LG Balakrishnan (LGB) for 5.7 million pound.
By PTI |
MUMBAI: Renold India on Thursday said it has entered into an agreement to acquire industrial chain business of LG Balakrishnan (LGB) for 5.7 million pound.
The acquisition would help Renold Group to promote its product range into rapidly growing market place, take advantage of existing export markets and exploit new product , market and export opportunities, Renold said.
Renold has placed 70 lakh new ordinary shares at 76 per share with institutional investors subject to LGB shareholder approvals and transfer of regulatory licences, Renold said in a statement.
LGB is a listed company in India. To fund the acquisition, Renold Group and LGB have agreed to contribute to the equity share capital of Renold India in the proportion of 75 per cent and 25 per cent, respectively.
LGB has a workforce of 500 persons.
The acquisition would help Renold Group to promote its product range into rapidly growing market place, take advantage of existing export markets and exploit new product , market and export opportunities, Renold said.
Renold has placed 70 lakh new ordinary shares at 76 per share with institutional investors subject to LGB shareholder approvals and transfer of regulatory licences, Renold said in a statement.
LGB is a listed company in India. To fund the acquisition, Renold Group and LGB have agreed to contribute to the equity share capital of Renold India in the proportion of 75 per cent and 25 per cent, respectively.
LGB has a workforce of 500 persons.
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