Autoline Industries has surged 8% to Rs 112, also its 52-week high on NSE, after the company said its board appointed executive committee on Saturday, accepted the ‘letter of intent’ from a prospective buyer to purchase 100% stake in Autoline Industries USA for $8.5 million (Rs 52 crore).
The deal is subject to due diligence and other conditions precedent to the transaction, the company said in a filing to the stock exchange.
Meanwhile, Autoline Industrial Parks, a subsidiary of the company, has received ‘Locational Clearance’ from Urban Development Department, Government of Maharashtra, Mumbai.
Autoline Industrial Parks has acquired further land and taken necessary steps to obtain the Locational Clearance for the land (104 Acres under Special Township Project) located at Mahalunge, Chakan Tal: Khed, Dist: Pune as per requirements of Urban Development Department, Government of Maharashtra, it added.
The stock has outperformed the market by surging nearly 40% in past one week from Rs 80.80 on September 8, compared to 0.49% decline in benchmark CNX Nifty.
The deal is subject to due diligence and other conditions precedent to the transaction, the company said in a filing to the stock exchange.
Meanwhile, Autoline Industrial Parks, a subsidiary of the company, has received ‘Locational Clearance’ from Urban Development Department, Government of Maharashtra, Mumbai.
Autoline Industrial Parks has acquired further land and taken necessary steps to obtain the Locational Clearance for the land (104 Acres under Special Township Project) located at Mahalunge, Chakan Tal: Khed, Dist: Pune as per requirements of Urban Development Department, Government of Maharashtra, it added.
The stock has outperformed the market by surging nearly 40% in past one week from Rs 80.80 on September 8, compared to 0.49% decline in benchmark CNX Nifty.
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