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Journalism of Courage
MUMBAI, OCT 19: The Jamna Auto Industries board has approved the preferential allotment of 13,16,836 equity shares to its Japanese partner, NHK Springs Co NHK at Rs 109 a share, aggregating to 15 of the post-issue voting equity capital. NHK Springs is considered one of the leaders of the global automobile springs8217; industry. The company has apprised the BSE about its decision.
That apart, the board has also approved the transfer of sale of other moveable assets of the company8217;s stabilizer bar division and the stabilizer bar business for Rs 23 crore to NHK Jai Suspension Ltd. This is a joint venture in which NHK, Allevard and JAIL will hold 74 NHK and Allevard and 26 JAIL. The board has also decided to hold an extraordinary general meeting on November 11.
