Chennai-based Murugappa Group’s Tube Investments of India has acquired the entire promoter stake in Coimbatore-based listed company Shanthi Gears for ₹2.92 billion (US$53 million). The stake is 44.12% of Shanthi Gears’ total equity capital.
Tube Investments also announced a US$31 million mandatory open offer to the public shareholders of Shanthi Gears.
Tube Investments is Murugappa Group’s flagship company. It has 15 manufacturing and assembly units spread across the country with metal formed products, electric scooters, fitness equipment and bicycles as its core product segments. Tube Investments is listed on the National Stock Exchange, Bombay Stock Exchange and the Madras Stock Exchange in Chennai.
Shanthi Gears manufactures a variety of gear boxes and castings.
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