You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

CEAT gains on plan to hike stake in Tyresnmore Online

Capital Market 

CEAT rose 2.81% to Rs 1,583.40 after the company announced its plan to acquire an additional 3.47% stake Tyresnmore.

CEAT has entered into a third addendum agreement to the existing share subscription and shareholders' agreement with Tyresnmore Online, an associate of the company and other parties, for making a future investment of up to Rs 2.4 crore in Tyresnmore for an additional 3.47% of the post issue total share capital.

Upon completion of the investment, the total holding of CEAT in Tyresnmore on a fully diluted basis would be 44.17%.

"The proposed investment is by way of subscribing to 12,895 Compulsorily Convertible Preference Shares (CCPS) having face value of Re 1 each to acquire additional 3.47% of the post issue total share capital of Tyresnmore on a fully diluted basis," company said in a regulatory filing on Thursday.

Tyresnmore is engaged in the business of selling automotive tyres, accessories and/or providing services of installing, fitting, wheel balancing and wheel alignment for automotive tyres.

CEAT is a tyre manufacturer and has a strong presence in global markets. The tyre maker's consolidated net profit surged 152.10% to Rs 132.34 crore on a 26.10% increase in net sales to Rs 2,221.25 crore in Q3 FY21 over Q3 FY20.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 09 2021. 10:26 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU