Omax Autos Sells Remaining 51% Stake in Wholly-owned Unit

Auto component maker Omax Autos on Monday said it has sold the remaining 51 per cent stake in its subsidiary Gmax Auto.

“The shares transfer in this regard have been registered today by the board of Gmax auto. Hence, with effect from today 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.

Established in 1985, Omax Autos specialises in sheet metal components, tubular components and machined components.

With a turnover of Rs. 1,100 crore in FY2014, it features in the top ten automotive component manufacturers in India.

Shares of Omax Autos ended down 1.02 per cent at Rs. 82.35 apiece on BSE.

[Source:- NDTV NEWS]