Winterthur acquires 40 pc stake in Wendt India

MUMBAI: Swiss company Winterthur Technologie AG, which bought out Wendt India's German promoter, has acquired 40 per cent stake in the domestic firm.

Winterthur Technologie has acquired 8,00,327 equity shares of Wendt India, which were earlier held by the Germany-based Wendt Holding GmbH, the company said in a communique to the Bombay Stock Exchange.

The Wendt Group produces tools coated with diamond and cubic boron nitride (CBN) as well as tool-grinding machineries in Germany, Switzerland, Belgium, the US and Russia. It held a 40 per cent stake in the publicly listed Wendt India Ltd.

Winterthur Technologie's website stated that it has acquired all Wendt shares at 99 million euro as well as the company's net financial debts at 32 million euro and provisions amounting to 22 million euro.

On this announcement, the shares of Wendt India surged 4.99 per cent and were last trading at Rs 797.75 on the BSE.