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JK Tyre approves merger with Cavendish Industries
Industry News- Sep 18,24
Shareholders of Cavendish Industries will receive 92 shares of JK Tyre for every 100 shares held.
JK Tyre has approved the merger of Cavendish Industries into the company, a move aimed at enhancing operational efficiencies and consolidating related businesses under a single listed entity.
Shareholders of Cavendish Industries will receive 92 shares of JK Tyre for every 100 shares held. This merger is expected to generate operational synergies, reduce costs, streamline the sales and distribution network, and increase shareholder value.
Both companies operate in similar sectors, and this integration will unify their business operations. Following the merger, the promoter's stake in JK Tyre will slightly decrease to 49.31%.
JK Tyre had previously acquired Cavendish Industries, a unit of Kesoram Industries, for Rs 21.95 billion to strengthen its presence in the truck and bus radial market.
(moneycontrol)
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