Atul Auto incorporates Atulease in India; Vijay Kedia acquires 20% stake

Atul Auto said that it has incorporated new subsidiary namely, Atulease Private on 12 June 2024.

Atulease incorporated with total initial investment of Rs 10 lakh. Vijay Kedia, non-executive director of the company has subscribed 20,000 equity shares at face value of Rs 10 per share comprising 20% of share capital in Atulease Private. While the company has invests Rs 8,00,000 by way of subscription of 80,000 equity shares at a face value Rs.10/- per share.

Atulease Private will into business of purchase, acquire, maintain, operate and manage various types of vehicles and ply them on road or to give them on hire, lease or on rental or of any such similar arrangements.

Atul Auto is leading three wheeler manufacturing company in Rajkot, Gujarat, India. It has a complete range of 3-wheeler products across the fuel range - diesel, petrol, CNG, LPG and electric.

The company's consolidated net profit rose 38.80% to Rs 5.33 crore on a 6.37% increase in sales to Rs 158.17 crore in Q4 FY24 as compared with Q4 FY23.

The counter shed 0.18% to end at Rs 554.60 on Thursday, 13 June 2024.

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