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Tube Investments of India makes investment of Rs 7.5 cr in JV with Absolute

Capital Market 

Acquires 50% stake in share capital of TI Absolute

of announced that pursuant to the Joint Venture Agreement with Absolute Speciality Foods Chennai (Absolute) for the establishment of a joint venture company viz., TI Absolute Concepts (Tl Absolute), the Company has on 28 November 2016 invested Rs. 7.5 crore towards subscription to the equity share capital of TI Absolute and the Company has been allotted 75,00,000 equity shares of the face value of Rs. 10/- each, at par, by TI Absolute. The Company now holds 50% of the equity share capital of TI Absolute, with the balance 50% being held by the Company's JV partner.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 16:23 IST