CEAT announced that it has approved an investment upto Rs 2.57 crore by way of right issue of equity shares of its wholly owned subsidiary, Tyresnmore Online (Tyresnmore).
Tyresnmore is, inter alia, engaged in the business of selling automotive tyres, accessories and/or providing services of installing, fitting, wheel balancing and wheel alignment for automotive tyres. Its turnover was Rs 25.63 crore in FY24.The company will acquire 21,055 equity shares of Tyresnmore. The company's shareholding post this proposed investment remains 100%.
The said transaction will be completed on or before 20 January 2025.
CEAT, the flagship company of RPG Enterprises, is one of India's leading tyre manufacturers and has a strong presence in global markets. CEAT produces more than 41 million high-performance tyres, catering to various segments like 2-3 wheelers, passenger and utility vehicles, commercial vehicles and off-highway vehicles.
The tyres manufacturing companys consolidated net profit fell 41.4% to Rs 121.88 crore in Q2 FY25 as compared to Rs 208 crore posted in Q2 FY24. Revenue from operations increased 8.22% year on year (YoY) to Rs 3,304.53 crore in the quarter ended 30 September 2024.
The counter declined 3.44% to end at Rs 3068.40 on Monday, 6 January 2025.
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