Tube Investments of India has acquired 26% stake in Shanthi Gears (SGL), Coimbatore. The company has bought 2,12,46,122 equity shares of Re 1 each of SGL.
Further, SGL has become a subsidiary of the company, effective from November 19, 2012, as the company's shareholding in SGL aggregates 5,72,96,413 equity shares of Re 1 each, representing 70.12% of SGL's share capital.
Tube Investments of India is a flagship company of the $2.4 billion Murugappa Group. It is engaged in manufacturing of precision steel tubes and strips, car doorframes, automotive and industrial chains and bicycles.