Rane Holdings to divest entire stake in arm Rane t4u

May 31, 2023 07:57 pm | Updated 07:57 pm IST - CHENNAI

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.

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