Indian vehicle wheel maker Steel Strips Wheels on Wednesday said one of the firm’s investors had bought a 4.04% stake in the company via preferential allotment, taking his stake to 9.57%.
After the announcement, shares in the supplier traded up 3.26% at INR149 (US$3.35; EUR2.50) in a flat Mumbai market, Reuters reported.
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Steel Strips announced on Monday it had secured additional orders from Renault to supply nearly 35,000 wheels a month.
It had previously been supplying the automaker 15,000 wheels per month.
