Omax Autos shares gained as much as 13.54 per cent intraday on Tuesday after it said that it has sold the remaining 51 per cent stake in its subsidiary GMAX Auto.
Omax Autos shares gained as much as 13.54 per cent intraday on Tuesday after the auto component maker informed BSE on Monday post market hours that it has sold the remaining 51 per cent stake in its subsidiary GMAX Auto.
At 12.52 pm, shares of Omax Autos were trading 8.26 per cent up at Rs 89.15. The scrip opened at Rs 84 and had touched a high and low of Rs 93.50 and Rs 83.10, respectively, in trade so far. Later, the share price of the company closed 4.13 per cent up at Rs 85.75.
The promoters holding in Omax Autos stood at 56.24 per cent while non-institutions held 43.76 per cent respectively.
“The shares transfer in this regard have been registered on January 11, 2016 by the board of Gmax Auto. Consequently, the company has no stake in Gmax Auto and it is no more a subsidiary of the company,” Omax Autos said in a regulatory filing.
It has sold the remaining 51 per cent stake to AG Industries which already holds 49 per cent of the total paid up share capital of the GMAX Auto, it said.
Omax Autos manufactures a range of components for automobiles ranging from two-wheelers, three-wheelers, Off-Highway, passenger cars, commercial vehicles and railways.