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SAL Automotive Ltd.

BSE: 539353 Sector: Auto
NSE: N.A. ISIN Code: INE724G01014
BSE 00:00 | 04 Dec 181.70 -1.30
(-0.71%)
OPEN

175.00

HIGH

182.80

LOW

174.00

NSE 05:30 | 01 Jan SAL Automotive Ltd
OPEN 175.00
PREVIOUS CLOSE 183.00
VOLUME 369
52-Week high 197.95
52-Week low 82.00
P/E
Mkt Cap.(Rs cr) 44
Buy Price 175.60
Buy Qty 4.00
Sell Price 181.70
Sell Qty 5.00
OPEN 175.00
CLOSE 183.00
VOLUME 369
52-Week high 197.95
52-Week low 82.00
P/E
Mkt Cap.(Rs cr) 44
Buy Price 175.60
Buy Qty 4.00
Sell Price 181.70
Sell Qty 5.00

SAL Automotive Ltd. (SALAUTOMOTIVE) - Company History

Swaraj Automotives Limited (SAL) is a public limited company incorporated on 24th November 1974. The company is engaged in the business of manufacturing seats to various tractors light commercial vehicles (LCV) and supplying seating mechanism systems for cars & passenger vehicles. The product line of the Company includes seats seat adjustors/sliders seat recliners and agri implements namely Rotavators & Tractor Trolleys.During the year 2016 Mahindra & Mahindra Ltd one of the promoters of the Company (the Seller) entered into a Share Purchase Agreement on 16th October 2015 with b4S Solutions Private Ltd (the Acquirer) for sale of their entire equity stake of 71.19% held in the Company at Rs. 145.50 per share. The acquirer subsequently acquired the entire equity stake of 2.99% of other promoter Punjab State Industrial Development Corporation (PSIDC) held in the Company at the same rate. Thereafter pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011 the acquirer had also made an open offer to the shareholders of the Company for acquiring another 25.82% equity shares of the Company. The entire process was successfully completed on 1st February 2016 taking b4S Solutions Private Limited' s equity holding in the Company to 88.28% and they became promoter of the Company.During the year 2017 B4S Solutions Private Ltd (b4S or the promoter) acquired the entire equity stake of 71.19% held by Mahindra & Mahindra Ltd (M&M) one of the then promoters of the Company (the Seller) by entering into Share Purchase Agreement with M&M on 16th October 2015. b4S subsequently also acquired the entire equity stake of 2.99% held by the then other promoter Punjab State Industrial Development Corporation (PSIDC). Thereafter pursuant to SEBI (SAST) Regulations 2011 b4S made an open offer to the shareholders of the Company. The entire process completed on 1st February 2016 and b4S's total equity holding in the Company stood at 88.28%. To comply with requirements applicable regulations to restore public shareholding in the Company to a minimum of 25% the promoter divested 158359 equity shares to the public via three offers for sale during the period December 2016 and January 2017 which has brought down the promoter's shareholding in the Company to 81.68% as on March 31 2017. The promoter proposes to meet its obligation to divest the remaining 6.68% of its shareholding in near future.During the year under review the Company set up new seat frames using robots of manufacturing facilities at Dharwad Karnataka to serve its customers in the West and South Region. The plant started its operations on 24th January 2018.During the year 2018 b4S solutions Private Ltd (b4S or the promoter) acquired the entire equity stake of 71.19% held by Mahindra & Mahindra Ltd (M&M) one of the then promoters of the Company (the Seller) by entering into Share Purchase Agreement with M&M on 16th October 2015. b4S subsequently also acquired the entire equity stake of 2.99% held by the then other promoter Punjab State Industrial Development Corporation (PSIDC). Thereafter pursuant to SEBI (SAST) Regulations 2011 b4S made an open offer to the shareholders of the Company. The entire process completed on 1st February 2016 and b4S's total equity holding in the Company stood at 88.28%. To comply with requirements applicable regulations to restore public shareholding in the Company to a minimum of 25% the promoter divested 318445 equity shares to the public via seven offers for sale during the period December 2016 to November 2017 which has brought down the promoter's shareholding in the Company to 75% as on March 31 2018. Meanwhile on July 19 2017 SEBI passed an interim order to prohibit Company Directors and Promoter from buying selling or otherwise dealing in securities of the Company either directly or indirectly due to non-compliant to Minimum public shareholding (MPS) requirement. After dilution of shareholding to 75% via OFS as mentioned above the company achieved Minimum Public Shareholding as on 23rd November 2017. On February 14 2018 SEBI passed a final order stating that there is no violation on part of Company/ Promoter considering enough to warrant any other enforcement action against the Company or its Directors. Further SEBI found this matter to be disposed of without any further enforcement action.

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