Stanley Electric Co., a Japan based company is planning to buy 37% stake in Indian Automobile Lighting Manufacturing firm, Lumax Industries Ltd. The acquisition is likely to trigger an open offer. Stanley Electric and the Jain family holds nearly 37% each in Lumax.
The company has entered into an agreement with Japan based Stanley Electric in 1994. There are news in the market that the company is planning to buy the equity shares at a premium.
When contacted, however, Lumax spokesperson said there are no talks on any stake sale between promoters.
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