On July 23, 2024, Craftsman Automation Limited announced that it had acquired 100% of the equity shares of INOS 24-004 GmbH, a German company. This acquisition was carried out through a share sale and purchase agreement, making INOS 24-004 GmbH a wholly-owned subsidiary of Craftsman Automation. Additionally, INOS 24-004 GmbH owns INOS 24-003 GmbH, which is now a step-down subsidiary of Craftsman Automation.
Craftsman Automation Limited has been negotiating the purchase of key assets in Germany and aims to explore more business opportunities in Europe. Neither INOS 24-004 GmbH nor INOS 24-003 GmbH has any active business operations.
The primary objective of acquiring INOS 24-004 GmbH is to enhance Craftsman Automation’s business presence and operations in the European market and explore opportunities for acquiring assets in Germany.
Related Party Transaction
This acquisition does not involve related parties. The promoter, promoter group, or group companies do not have any interest in the entity being acquired, and the transaction is conducted at arm’s length.
Industry of the Acquired Entity
The company manages assets, including acquiring, holding, administering, and selling investments. It also handles manufacturing components for the automotive and industrial engineering sectors.
Approval
The acquisition does not require any governmental or regulatory approvals. It was completed on July 22, 2024.
Consideration
The consideration for the acquisition was cash, and the total cost of acquiring the shares was EUR 57,000.
Shareholding and Control Acquired
Craftsman Automation acquired 25,000 equity shares, representing 100% of the share capital of INOS 24-004 GmbH.
INOS 24-004 GmbH was incorporated on February 29, 2024, and it has a wholly-owned subsidiary, INOS 24-003 GmbH, which was also incorporated on the same date. It has a total share capital of EUR 25,000. As a newly incorporated company, it does not yet have a reported size or turnover.
Craftsman Automation began in 1986 as a small-scale industry in Coimbatore, a city in southern India. Over the years, it has grown to become a leader in precision manufacturing across various fields. The company produces various components and sub-assemblies based on client specifications for the automotive, industrial, and engineering sectors. It is headquartered in Coimbatore and operates 12 plants, including 10 satellite units across India.
On July 23, 2024, the share price of Craftsman Automation Ltd opened at ₹1,156.00, touching the day’s low of ₹1,124.30 as of 01:34 PM on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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