Equity Bulls reported that Rico Auto Industries Ltd has sold the entire 475680 fully paid up equity shares of INR 100 per each of the Joint venture and subsidiary company namely KRP Auto Industries Limited to the other joint venture partner namely Kailash Royal Premium Projects Private Limited with whom joint venture agreement was signed on December 23rd 2009.

The entire consideration of INR 20.30 crores including the amount of premium towards our investment has been received and consequently KRP Auto Industries Limited has ceased to be subsidiary company wef December 12th 2011.

(Sourced from Equity Bulls)