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Rane (Madras) announced that entire holdings in Rane Light Metal Casting Inc., USA (LMCA) held through its wholly owned subsidiary viz., Rane (Madras) International Holdings B.V., The Netherlands (RMIH), has been divested to Kentucky International Holdings, Inc., (KIH), a Kentucky corporation.
Consideration for the divestment stands determined as USD 4.90 million, after working capital adjustments, of which USD 2 million has been received and the balance USD 2.90 million is secured by way of deferred payments as per the Share Purchase Agreement (amended) and
other transaction documents entered into with KIH on 14 September 2023.
LMCA has ceased to be a step-down subsidiary of the Company / part of the Rane Group, effective from 14 September 2023.
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