Rane Holdings Ltd. has approved the sale of its entire investment in subsidiary Rane t4u Pvt. Ltd. in exchange for allotment of equity shares in eTrans Solutions Pvt. Ltd.
Kolkata-based eTrans is in the business of providing vehicle-tracking solutions to major corporate shippers and transporters since 2000.
As per the plan, 189 shares of eTrans are to be issued for every 10,466 shares of Rt4u for a value of ₹8.50 crore based on a valuation exercise carried out by a registered valuer, RHL said in a regulatory filing.
Rt4u and eTrans are in the same line of business. The equity shareholding of RHL in eTrans would be 11.94% post allotment. The transaction is expected to be completed by June 30.
Bengaluru-based Rane t4u is engaged in connected mobility solutions.