High-end cold-drawn welded (CDW) tubes maker Tube Investments of India Limited, a part of Chennai-based Murugappa group, has acquired 51,208 shares of its overseas subsidiary –– Financiere C10 SAS (FC10), France –– from the existing shareholders.
The acquisition of the balance shares represents 22.87% of Financiere’s share capital. With this, FC10 has become a wholly-owned subsidiary of the company, Tube Investments said in a filing to the BSE on Tuesday.
FC10 is the holding company of Sedis SAS & Societe de Commercialisation de Composants Industriels, both in France, and Sedis Company Limited, the UK. It manufactures industrial and engineering class chains with two manufacturing plants in France.
Tube Investments had announced the acquisition of Financiere in February 2010. As per terms, it had acquired 77.13% stake of Financiere in the first tranche, primarily from the institutional shareholders, with the balance 22.87% held by the key management persons to be acquired in Phase-II on or before 31 March 2013.
Tube Investments’ scrip is currently trading at Rs 209.65 a piece on the BSE, down 45%, over the previous close of Rs 210.60.