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 per cent 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 Industries, both in France, and Sedis Company Limited, the UK. It manufactures industrial and engineering class chains with two manufacturing plants in France.
Tube Investments is a maker of high-end cold- drawn welded tubes.
It had announced the acquisition of Financiere in February 2010. As per terms, it had acquired 77.13 per cent stake of Financiere in the first tranche.