March 26, 2003 | Economic Times
Tata AutoComp buys into JBM Sungwoo
JBM Tools has sold its entire investment of 64.8 lakh shares of Rs 10 each in JBM Sungwoo (an unlisted company) to Tata AutoComp Systems (TACO), at a total consideration of Rs 16.2 crore. Last year, Taco acquired a 29.46% stake in JBM Tools at Rs 24.87 per share by way of inter-se transfer among promoters. Post-acquisition, Taco owns 30.7% and and ata Industries 48.8%. Taco acquired the 29.46% stake from the SK Arya group, which together with the Tatas promoted the company. With Taco buying out SK Aryas entire stake, management control now lies with Taco.