Wheels India Limited completed the acquisition of Sundaram Hydraulics Limited.
September 31, 2023
Share
Wheels India Limited (NSEI:WHEELS) agreed to acquire Sundaram Hydraulics Ltd on October 1, 2021. Post acquisition, Sundaram Hydraulics will merge with Wheels India. Under the determined share exchange ratio, 151 equity shares in Wheels India of the face value of INR 10 each is credited as fully paid-up for every 15,000 equity shares of INR 10 fully paid-up held in Sundaram Hydraulics. Sundaram Hydraulics reported revenue of approximately INR 580 million and net worth as INR 24.6 million for the period end on March 31, 2021. The transaction is subject to receipt of approvals of shareholders and creditors of companies involved and approval of other regulatory authorities, as may be required, including those of the National Stock Exchange of India Limited, Securities and Exchange Board of India and the National Company Law Tribunal, Chennai bench. The transaction has been approved by the board of directors of WIL on December 7, 2021. As of July 26, 2023, National Company Law Tribunal has approved the transaction.
Kunvarji Finstock Private Limited acted as Fairness opinion provider to Wheels India Limited, Central Depository Services (India) Limited (NSEI:CDSL) acted as Depository Bank to Wheels India Limited and National Securities Depository Limited acted as Depository Bank with Wheels India Limited.
Wheels India Limited (NSEI:WHEELS) completed the acquisition of Sundaram Hydraulics Limited on September 1, 2023.
Wheels India Limited is engaged in manufacturing steel, aluminum, and wire wheels. Its segments include Automotive Components and Industrial Components. The Industrial Components segment includes components and structures for windmills, railways and thermal power plants. Its products include wheels, vehicle chassis and suspension, fabricated and precision products, products for wind energy, products for railways and hydraulic cylinders. Its vehicle chassis and suspension products include FTS 2 ton series, FTS 3 ton series, FLS 4 ton series, FTS 6 ton series and others. Its range of wheels includes passenger & light cargo vehicles, trucks, trailers & buses, agricultural & farm equipment, off-road vehicles and defense vehicles. It offers bus and truck chassis, suspension products, hydraulic cylinders, custom-fabricated assemblies, and precision components for wind turbines. Its R&D engineers envisage groundbreaking designs at its facilities, using labs to validate and test their ideas.