Rane (Madras) buys US-based Precision Die Casting for $2 mn

Auto-component manufacturer Rane (Madras) Ltd, part of the Rane Group, has acquired US-based Precision Die Casting with an investment of USD 2 million.
Rane (Madras) Ltd has incorporated wholly-owned subsidiary Rane (Madras) International Holdings B V (WOS) in Netherlands and has infused USD 2.02 million till date, the city-based company said in a BSE filing.
"The Rane (Madras) International Holdings B V (WOS) has executed share purchase agreement with PDC Holdings Inc, in the United States and acquired 100 per cent of the equity share capital of Precision Die Casting Inc and made an investment of USD 2 million into the equity capital of PDC," it added.

The company also issued a limited guarantee by way of SBLC (Standby Letter of Credit) for USD 2 million towards the term loan facilities availed by PDC.
Shares of the company closed 7.43 per cent up at Rs 292.20 apiece on BSE today.