Atul Auto Limited (BSE:531795) signed a memorandum of understanding to acquire remaining 70% stake in Khushbu Auto Finance Ltd. for approximately INR 450 million on October 30, 2020. Atul Auto Limited agreed to acquire remaining 70% stake in Khushbu Auto Finance Ltd. on October 30, 2020. As per terms, Atul Auto Limited will acquire 27.58 million equity shares at INR 16.16 per share in cash. Upon completion, Khushbu Auto Finance Ltd. will become the wholly-owned subsidiary of Atul Auto Limited. For the year ended March 31, 2020, Khushbu Auto Finance Ltd. reported total turnover of INR 326.7 million. For the year ended March 31, 2021, Khushbu Auto Finance Ltd. reported total turnover of INR 338 million. The transaction is subject to approval from Reserve Bank of India. Transaction was approved by Board of Directors of Atul Auto Limited on October 30, 2020. The transaction is expected to close within six months. Kamlesh Rathod & Associates provided auditor's report on financials of Atul Auto. As per filling on July 30, 2021, Reserve Bank of India approved the acquisition of Khushbu Auto Finance on July 29, 2021. Atul Auto Limited (BSE:531795) completed the acquisition of remaining 70% stake in Khushbu Auto Finance Ltd. on September 1, 2021.