The announcement was made after market hours yesterday, 30 August 2017.

Meanwhile, the S&P BSE Sensex was down 49.62 points, or 0.16% to 31,596.84.

On the BSE, 2,592 shares were traded in the counter so far, compared with average daily volumes of 397 shares in the past one quarter. The stock had hit a high of Rs 4,998.85 and a low of Rs 4,719 so far during the day. The stock hit a record high of Rs 5,149 on 5 July 2017. The stock hit a 52-week low of Rs 3,780 on 28 December 2016.

The stock had underperformed the market over the past one month till 30 August 2017, falling 5.16% compared with 2.85% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.96% as against Sensex's 1.63% rise. The scrip had also underperformed the market in past one year, rising 4.23% as against Sensex's 11.23% rise.

The mid-cap company has equity capital of Rs 16.62 crore. Face value per share is Rs 10.

The board of directors of Schaeffler India (formerly FAG Bearings India), INA Bearings India and LuK India, approved the draft scheme of amalgamation for the merger of INA India and LuK India into Schaeffler India.

Schaeffler India will issue 10 equity shares to shareholders of INA India, for every 65 equity shares held. It will issue 10 equity shares to shareholders of LuK India, for every 35 equity shares held.

Schaeffler India will issue 1.46 crore new equity shares, thereby increasing its outstanding equity shares to 3.12 crore. Promoter group currently holds 51.33% stake in Schaeffler India and 100% stake in both INA India and LUK India; shareholding of promoter group post-merger, will be 74.13%.

The amalgamation will create a leading Indian automotive and industrial supplier with about Rs 3570 crore in revenues and nearly 3,000 employees. It will establish a diversified product offering across the high growth automotive and industrial segments. It will realise revenue and cost synergies by bundling the product offerings, leveraging distribution networks and reducing overhead costs. Post merger, higher growth and margin expansion to create value for all stakeholders.

The key objective of this merger is to combine the strengths and competencies of all three Schaeffler entities in India and establish one strong listed Schaeffler entity in India in line with Schaeffler Group's strategy Mobility for tomorrow. On a proforma basis (For 12 months ending 31 December 2016) the new entity will have Rs 3570 crore revenue, 4 plants, one R&D center and nearly 3,000 employees.

Schaeffler India's net profit rose 16.5% to Rs 53.98 crore on 2.5% increase in net sales to Rs 459.22 crore in Q2 June 2017 over Q2 June 2016.

Schaeffler India is amongst India's leading manufacturers of ball and roller bearings. Its bearings find wide ranging applications from electric motors to wind mills, motorcycles to mining, tractors to textile machines, and from paper to steel mills.

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Net profit of Schaeffler India rose 16.49% to Rs 53.98 crore in the quarter ended June 2017 as against Rs 46.34 crore during the previous quarter ended June 2016. Sales rose 2.50% to Rs 459.22 crore in the quarter ended June 2017 as against Rs 448.02 crore during the previous quarter ended June 2016.

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Net profit of Fag Bearings India rose 38.64% to Rs 57.48 crore in the quarter ended March 2017 as against Rs 41.46 crore during the previous quarter ended March 2016. Sales rose 11.71% to Rs 461.24 crore in the quarter ended March 2017 as against Rs 412.88 crore during the previous quarter ended March 2016.

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Fag Bearings India will hold a meeting of the Board of Directors of the Company on 21 April 2017 Unaudited Financial Results would be considered.

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