On May 27 2017, the Board of Directors of Igarashi Motors India Ltd at their meeting approved the amalgamation of Agile Electric Sub Assembly Private Limited with the company and pursuant to the scheme, the company will issue bonus shares only to the public shareholders of the company and ensure compliance of minimum public shareholding after the merger.
Igarashi Motors India Ltd. (IMIL) was incorporated on January 10, 1992, as a public limited company. Presently, the shares of the company are listed on BSE and NSE. The company is in the business of manufacturing of permanent magnet DC motors for automotive sector specifically for passenger car. It has technical collaborations with Igarashi Electric Works (IEW), Japan, and International Components Corporation (ICC), US for technology transfer and sourcing of all critical plant and equipment. IMIL has market cap of Rs 2,967.18 crore on BSE.
Agile Electric Sub-Assembly Pvt Ltd. (AESPL) was founded in 2005, the company is based in Chennai. Agile Electric Sub Assembly Private Limited manufactures and markets DC motors and brush cards in India. Agile has five manufacturing units in MEPZ-SEZ, Tambaram and two units at Maraimalai Nagar, Kancheepuram Dist. Agile Electric Sub Assembly Private Limited and operates as a subsidiary of Igarashi Electric Works, Ltd.
The exchange ratio is decided as 35 equity shares of IMIL (of Rs 10 each fully paid up) for every 128 equity shares of AESPL of Rs 10 each fully paid up. And appointed date is April 1, 2017.
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