Chennai-based Murugappa Group’s Tube Investments has acquired the entire promoter stake in Coimbatore-based listed company Shanthi Gears Limited for Rs. 292 crore ($53 million). Pursuant to a share purchase agreement signed on 13 July, 2012, Tube Investments has acquired 44.12 per cent stake in Shanthi Gears..Tube Investments, the maker of bicycles and auto components has also announced a Rs. 172.09 crore ($31 million) mandatory open offer to the public shareholders of Shanthi Gears..Trilegal advised the Promoters of Shanthi Gears with a team led by Hyderabad Partner Pavan Kumar, Counsel Christopher Krishnamoorthy along with Associate Emil Joseph..Amarchand Mangaldas advised Tube Investments with a team led by Bangalore-based Partner Arjun Lall along with team Chennai office including Principal Associate Arun Prabhu along with Associates Edward James and Anirban Mohapatra ..ET reports, the acquisition will enable Tube Investments to de-risk itself from the automobile sector to the non-automotive sector..Founded in 1969 and promoted by P Subramanian, Shanthi Gears is engaged in designing, manufacturer and supplying various kinds of power transmission products. Shanthi Gears has six units, of which four are operational. Atlas Copco and GE Electric are among major clients of Shanthi Gears..Tube Investments of India was established in 1949 as a flagship company of $2 billion Murugappa Group. It manufactures steel tubes and strips, car doorframes, automotive and industrial chains, and bi-cycles, reports Dealcurry.