Tata AutoComp Systems (Taco) has announced plans to purchase 37.5% stake in Automotive Stampings and Assemblies (Asal) from Spanish company Gestamp Servicios for Rs 34.23 crore.
Taco will acquire 3,824,453 equity shares (37.5% of the paid-up equity share capital) from Gestamp at a price of Rs 89.50 per share through inter se transfer of shares among qualifying promoters.
With this, Taco will own 75% stake in Asal and the balance will be held by public. Gestamp will cease to be a promoter in Asal, which would become a subsidiary of Taco.
RS Thakur, ED & CEO, Taco, said, “We have identified stampings as a core business area and expect a significant growth in this business. Asal has grown to a stage where it can offer a wide range of products and services to meet the evolving demand from the Indian automobile industry.”
Following this acquisition, Taco will have five subsidiaries and six joint ventures with leading auto-component majors. Asal is the only listed company in the Taco portfolio.