NRB Industrial Bearings has entered into a share purchase agreement with Korta Inversiones, S.L of Spain ( Korta Spain), in respect to Korta Engineering India (Korta India), which is a subsidiary of Korta Spain, and Trilochan Singh Sahney, Chairman and Promoter of NIBL ( TSS) as part of business strategy. The transfer of shares from Korta Spain to NIBL has been approved by the Board of Directors of the Korta India on 26 June, 2018 and all the terms and conditions precedent and subsequent along with their covenants of the share purchase agreement come into effect from the aforesaid date.
Pursuant to the Agreements NIBL, purchased 35% of the paid up share capital of the Korta India. TSS subscribed to 45.02% of the paid up shares capital of Korta India. TSS proposes to acquire the balance 19.98% of the paid up equity share capital of Korta India from Korta Spain upon fulfilling on certain conditions precedent.
On fulfillment of the conditions precedent the NIBL will own 35% shareholding in Korta India and the balance shareholding of 65% will be held by TSS.
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