Sharda Motor surges nearly 10% as board approves demerger of automobile seating biz

The company has entered into the joint venture (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for business development of BS VI norms in the commercial vehicle segment in India also.

Shares of Sharda Motor Industries surged nearly 10 percent intraday Tuesday after company board agreed to the proposed demerger of the automobile seating business.

The company board in its meeting held on February 25, in principally agreed to the proposed demerger of the automobile seating business.

The company has delegated the powers to Ajay Relan (Managing Director), Vivek Bhatia (Chief Financial Officer) and Nitin Vishnoi (Company Secretary) Key Managerial Personnel(s) of the company for taking requisite actions for the same, in due course of time.

Company has entered into the joint venture (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for business development of BS VI norms in commercial vehicle segment in India also.

This Joint Venture is expected to bring benefits to both the JV Partners i.e. SMIL & EET.

Also, board authorized Ajay Relan, Managing Director, of the company to negotiate and sign the joint venture agreement with Eberspacher Exhaust Technology International GMBH J.V Partner.

Board also took note of the memorandum of family settlement among promoters/ promoters group of the company (MOFS).

It may please be noted that the necessary disclosures in respect of each of the above events, shall be given to the Stock Exchange(s) as and when the relevant events happen, company said in release.

At 12:13 hrs Sharda Motor Industries was quoting at Rs 1,521.00, up Rs 118.15, or 8.42 percent on the BSE.

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