Feb 11, 2021
By: Navdeep Yadav
Adar Poonawalla-led company will invest ₹3,456 crore in Magma Fincorp to get a majority stake.
Credit: Magma Fincorp
The dip in its profit was led by the one-time provision of ₹137 crore in its subsidiary Favre Leuba AG (FLAG).
It will be done for an aggregate consideration of ₹2,400 crore. Post completion, it will hold a 100 percent stake.
Royal Enfield has already taken a price hike of 3-5 percent in the last six months to offset the cost partially.
The company is also engaged with Boeing to recover damages incurred due to the MAX planes' grounding.
The government has invited bids from merchant bankers for managing the share sale.
The bank will not ask for any collateral from those having dealerships with Indian Oil of 5 years or more.
The company also announced an interim dividend of ₹4.78 per share amounting up to ₹283.50 crore.
Visit businessinsider.in
Credit: Unsplash