CIE Automotive India's board approved a scheme to merge its wholly-owned subsidiary, CIE Aluminium Casting India, into itself via absorption.
The merger aims to achieve operational efficiencies, economies of scale, and synergies between the two automotive component manufacturers.
No shares will be issued as consideration, and the entire share capital of the subsidiary held by the parent will be cancelled upon merger.
The scheme is subject to NCLT approval but is exempt from obtaining a stock exchange no-objection letter and related party transaction approvals.