Wheels India Limited completed the acquisition of Sundaram Hydraulics Limited.
September 31, 2023
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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 an India-based manufacturer of steel, aluminum and wire wheels. The Company is engaged in the manufacturing of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. Its segments include automotive components and industrial components. Its product categories include wheels, vehicle chassis and suspension, renewable energy components, fabricated and precision products, hydraulic cylinders, railway and aftermarket. Its vehicle chassis and suspension products include FTS 2 ton series, FTS 3 ton series and retraction system. The Company's renewable energy components include stiffening plate, torque plate, pitch plate and rotor lock disc. The Company provides hydraulic cylinders for energy equipment and off-road vehicles.