Setco Automotive announced that the Board of Directors of the Company at its meeting held on 23 May 2018, inter alia, have recommended the final dividend of Rs 0.8 per equity Share (i.e. 40%) , subject to the approval of the shareholders.

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Net profit of Setco Automotive rose 51.40% to Rs 15.67 crore in the quarter ended March 2018 as against Rs 10.35 crore during the previous quarter ended March 2017. Sales rose 0.85% to Rs 175.79 crore in the quarter ended March 2018 as against Rs 174.30 crore during the previous quarter ended March 2017.

For the full year,net profit rose 55.90% to Rs 28.81 crore in the year ended March 2018 as against Rs 18.48 crore during the previous year ended March 2017. Sales rose 2.73% to Rs 524.75 crore in the year ended March 2018 as against Rs 510.82 crore during the previous year ended March 2017.

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The Board of Setco Automotive has appointed E L Naik as an Additional Independent Director on the Board of the Company. The Board has appointed Nishant Javlekar as Company Secretary and Compliance Office with effect from 02 May 2018.

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Setco Automotive announced change in the status of the Company as under -

1. Setco Automotive was a Subsidiary Company of Setco Engineering.

2. Setco Engineering was holding 6,77,13,845 shares of Setco Automotive (50.69%).

3. Setco Engineering has divested 16,00,000 shares representing 1.20% through inter-se transfer among the promoters.

4. The holding of Setco Engineering has been reduced to 6,61,13,845 shares representing 49.49%.

5. Now, Setco Engineering is holding less than 50% of the equity share capital of Setco Automotive and as per Section 2 (87) of the Companies Act, 2013, the Company ceased to be Subsidiary Company of Setco Engineering and Setco Engineering ceased to be the Holding Company of Setco Automotive.

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