Varroc Engineering on Friday acquired 21 per cent stake in its Subsidiary CarIQ Technologies Private Limited for Rs 6,99,65,122.57, the company announced through an exchange filing. After the acquisition the total stake of the company has increased to 95 per cent from its earlier 74 per cent.
The company bought a total of 68,699 equity shares for Rs 1,018.43 per share.
CARIQ is a telematics solution provider in India which is engaged in the business of providing integrated connected vehicle solutions to OEMs, fleet owners and Insurance Companies.
Varroc Engineering shares
The shares of Varroc Engineering Limited on Friday at 12:19 pm IST were at Rs 293.50, up by 1.03 per cent.
