Rico Auto Industries has rallied 10% to Rs 50.70 on National Stock Exchange (NSE) after the company said it has divested its entire 50% stake in FCC RICO Limited, to its Japanese partner FCC Co Ltd.
“The company has divested its entire 50% stake in FCC RICO, its erstwhile joint venture (JV) with FCC Co. Ltd., Japan, on December 23, 2014, by way of sale of its entire stake to affiliates of FCC Co. Ltd., Japan which are FCC Group companies. FCC RICO Limited is now entirely a FCC Group held company,” Rico Auto Industries said in a statement.
On September 25, 2014, the board of Rico Auto Industries had approved the divestment of its entire stake in FCC RICO for gross consideration of Rs 495 crore.
The stock opened at Rs 45.40 and hits a 52-week high of Rs 51.35 on NSE. The trading volumes on the counter jumped over three-fold with a combined 4.21 million shares changed hands so far on NSE and BSE.
“The company has divested its entire 50% stake in FCC RICO, its erstwhile joint venture (JV) with FCC Co. Ltd., Japan, on December 23, 2014, by way of sale of its entire stake to affiliates of FCC Co. Ltd., Japan which are FCC Group companies. FCC RICO Limited is now entirely a FCC Group held company,” Rico Auto Industries said in a statement.
On September 25, 2014, the board of Rico Auto Industries had approved the divestment of its entire stake in FCC RICO for gross consideration of Rs 495 crore.
The stock opened at Rs 45.40 and hits a 52-week high of Rs 51.35 on NSE. The trading volumes on the counter jumped over three-fold with a combined 4.21 million shares changed hands so far on NSE and BSE.
