P Mukund steps down as MD of Igarashi Motors; sells stake in the company

P Mukund has resigned as the MD of Igarashi Motors India due to personal reasons. The move comes a day after he sold his stake in the company.

R Chandrasekaran, the chief financial officer of the company, will take over as the managing director of Igarashi Motors India for a period of three years effective October 1, 2019.

Igarashi Motors is primarily engaged in the production and export of permanent magnet DC motors for the automotive sector, specifically for passenger cars.

Japan-based Igarashi has increased its take to 75 per cent from 53.85 per cent by acquiring Mukund's share. Mukund, the promoter of the company, held a 21.15 per cent stake in Igarashi Motors during the quarter ended June 2019, while Agile Electric Sub Assembly Pvt Ltd held a 42.83 per cent share as promoter, apart from a share-holding of around 11 per cent by Igarashi Electric Works HK Ltd and Igarashi Electric Works Ltd, according to the information with Bombay Stock Exchange.

On Monday, the company said that Igarashi Electric Works Ltd, Japan, and Agile Electric Sub Assembly had acquired 66,58,033 shares held by Mukund for a consideration of Rs 238.70 a share.