Cummins Inc. completed the acquisition of 0.00096% stake in Automotive Axles Limited for INR 0.23 million
January 03, 2023
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Cummins Inc. (NYSE:CMI) made an offer to acquire a 26% stake in Automotive Axles Limited (BSE:505010) from its shareholders for INR 5.91 billion on October 10, 2022. Cummins Inc will acquire 3.929114 million shares at INR 1504.43 each. As of October 20, 2022 Offer price per share changed to INR 1,601.29. The transaction will be funded from the internal accruals of the offeror. The offer is not competing and conditional offer and does not require any regulatory and statutory approval. The transaction is subject to approval from the Competition Commission of India. As of December 16, 2022, The Independent directors committee of Automotive Axles considers the offer fair and reasonable. The offer period will commence on December 2, 2022 and end on December 14, 2022. As of December 15, 2022, the tender offer will commence on December 22, 2022, and close on January 4, 2023. Satyam Singha and Sachin Wagle of Morgan Stanley India Company Private Limited acted as manager to offer and Sumeet Deshpande of Link Intime India Pvt. Ltd. acted as registrar to offer of Cummins Inc. Khaitan & Co. acted as legal advisor to the Independent Director Committee of Automotive Axles.
Cummins Inc. (NYSE:CMI) completed the acquisition of 0.00096% stake in Automotive Axles Limited (BSE:505010) for INR 0.23 million on January 4, 2023.
Automotive Axles Limited is an India-based company, which is primarily engaged in manufacturing of axles and brakes in Mysore, Rudrapur, and Jamshedpur. The Company operates through the segment of manufacturing and sale of automotive components. The Company manufactures drive axles, non-drive axles, front steer axles, off-highway axles, drum and disc brakes and suspension. It provides these products to the major domestic and global manufacturers of trucks and buses, such as light, medium and heavy commercial vehicles, military and off-highway vehicles and the aftermarket. The Company has a portfolio of auto components, and it also designs engineering modules or systems comprising gearing, integral brake to axle design, weight option designs and driver-operated differential locks. The Company has manufacturing facilities located at Mysuru (Karnataka), Rudrapur (Uttarakhand), Jamshedpur (Jharkhand) and Hosur (Tamil Nadu).
AUTOMOTIVE AXLES LIMITED 
