Board Approves Sale of 0.61% Stake in EC Wheels; Unit to Cease Being a Subsidiary
Board approved sale of 75,000 equity shares of EC Wheels India Pvt Ltd (about 0.61% stake) at Rs. 10/- per share, total Rs. 7,50,000/-.
- Stake Sale Percentage
- 0.61% stake (75,000 equity shares)
- Shareholding Change
- From 50.08% to 49.47%
- Sale Consideration
- Rs. 10/- per share, total Rs. 7,50,000/-
- EC Wheels Turnover Contribution
- Rs. 4361.76 lakhs (18.94% of turnover)
- Effect on Subsidiary Status
- EC Wheels will cease to be a subsidiary on completion
What was approved
The Board, at its meeting held on 25th September 2026, approved the sale/transfer of 75,000 equity shares of EC Wheels India Private Limited, representing about 0.61% of that company's equity share capital, at Rs. 10/- per share, aggregating Rs. 7,50,000/-. The price was determined per a valuation report from a Registered Valuer (IBBI).
Effect on group structure
- Shareholding falls from 50.08% to 49.47%.
- On completion, EC Wheels will cease to be a subsidiary of the Company.
- Agreement entered into on 25th September 2026; completion expected prior to 30th September 2026, though share transfer may take additional time through depositories in the ordinary course.
What EC Wheels contributed last financial year
- Turnover: Rs. 4361.76 lakhs, a 18.94% contribution.
- Net worth/net assets: Rs. (2274.43) lakhs, a (79.41%) contribution, i.e. a negative figure.
Who is buying
- Mr. Mohit Agarwal, Chief Financial Officer — 25,000 equity shares
- Mr. Ujjwal Biswas, Project Finance Manager — 25,000 equity shares
- Mr. Susanta Chowdhury, Senior Manager — 25,000 equity shares
None of the buyers belongs to the Promoter/Promoter Group. The CFO is a KMP and hence a related party; that transaction is to be dealt with under related party transaction provisions and is proposed on an arm's length basis. For the other two, the Company states the transaction does not constitute a related party transaction merely by virtue of their employment.
How investors may read it
A small stake sale of just above the 50% line changes how EC Wheels is reported in the group. Since it contributed a meaningful share of turnover but carried negative net worth, the accounting effect can cut both ways. The consideration itself, Rs. 7,50,000/-, is small. The sale to a KMP is a point investors typically watch for governance comfort.
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More numbers
- Shares sold in EC Wheels75,000 (Seventy-Five Thousand) equity shares
- Stake soldapproximately 0.61%
- Price per shareRs. 10/- (Ten) per share
- Total considerationRs. 7,50,000/-
- Holding before50.08%
- Holding after49.47%
- Turnover contributed by EC WheelsRs. 4361.76 lakhs
- Turnover contribution percentage18.94%
- Net worth contributedRs. (2274.43) lakhs
- Net worth contribution percentage(79.41%)
- Shares bought by each of three employees25,000 equity shares
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