Ceat raises stake in Sri Lankan investment arm
Sunday, 6 June 2010
MUMBAI, June 5 (Reuters): Ceat Ltd, said Friday its Sri Lankan investment arm -- Associated Ceat Holdings Company Pvt Ltd (ACHL) - had become a wholly-owned subsidiary following its purchase of the remaining 4.5 million shares in the company.
Ceat held 54.84 per cent stake in ACHL earlier. It did not say who the remaining shares had been acquired from. ACHL holds 50 per cent in CEAT Kelani Associated Holdings Pvt Ltd, a joint venture with Sri Lanka's Kelani Tyres.
At 11.30 am, shares in the firm were up 2.35 per cent at 137 rupees each.
Ceat held 54.84 per cent stake in ACHL earlier. It did not say who the remaining shares had been acquired from. ACHL holds 50 per cent in CEAT Kelani Associated Holdings Pvt Ltd, a joint venture with Sri Lanka's Kelani Tyres.
At 11.30 am, shares in the firm were up 2.35 per cent at 137 rupees each.