Landmark Cars on Monday incorporated a wholly owned subsidiary named Aeromark Cars Private Limited for Rs 5,00,00,000, the company announced through an exchange filing. The company intends to carry on the business of sales, after sales and allied business.
The incorporated company being a subsidiary will be a Related Party and will be considered to be at Arms’ Length. Landmark Cars is the Promoter of the said wholly-owned subsidiary.
Landmark Cars Limited will have 50,00,000 equity shares of ACPL of Rs 10 per share.
MG Motor and Lankmark Cars
Landmark Cars Limited, in May received a Letter of Intent from MG Motor India Private Limited for opening dealerships in Indore and Bhopal, in the State of Madhya Pradesh. This dealership will be established in one of the wholly owned subsidiaries of Landmark Cars. This business will include Sales and After Sales of MG Cars.
Landmark Cars
The shares of Landmark Cars on Wednesday at 11:04 am IST were at Rs 682.80, down by 0.17 per cent.
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