Igarashi Motors, a subsidiary of Agile Electric, surged over 5 per cent in today's trade after Blackstone India announced taking over the parent firm along with its unit for Rs 660 crore.
Blackstone, one of the world's largest private equity firms, finalised th deal on Wednesday. The company will pick up 98% of the parent and that in turn will give them a 58% stake in Igarashi Motors, news report suggests.
The transaction will also trigger an open offer for an additional 26% stake in the company.
Chennai headquartered auto components company Agile Electric is the largest manufacturer of DC motors for the automotive industry.
At 1:50pm, Igarashi Motors was up 5.2% to Rs 63 on the BSE. The stock opened at Rs 66.20 and which is also its intra-day high.
