V S T Tillers rises after investment in US-based Zimeno

V S T Tillers Tractors gained 1.76% to Rs 1,943.60 after the company entered into a share purchase agreement (SPA) for an investment of $1,500,000 (about Rs 11,07,15,000) in series A preferred stock of Zimeno Inc.

Zimeno Inc is an unlisted company incorporated in the United States of America (USA). Zimeno Inc is in the development of electric autonomous tractor. V S T Tillers does not hold any stake in the company. After the allotment of series A preferred stock, its shareholding in Zimeno will be about 2% on fully diluted basis.

V S T Tillers Tractors is engaged in the manufacturing of power tillers and tractors. The company's net profit soared 788.50% to Rs 30.83 crore on a 64.5% rise in net sales to Rs 202.87 crore in Q3 FY21 over Q3 FY20.

 

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