Fortune International Ltd has acquired 36.01% of equity shares of Fortune Stones Limited (FSL) pursuant to the acquisition of shares from existing shareholder done at arm length basis.
The said transaction was made with a motive to strengthen the presence in the Mining Business.
The cost of acquisition is at Rs. 20.55 per share. 36.01% shareholding consisting of 17,97,500 equity shares have been acquired for a total consideration of Rs. 3,69,38,625 (Face Value is Rs. 10/- each).
FSL, a Granite Mining Company which is a joint venture Company with "The M . P. State Mining Corporation Ltd., Bhopal (MPSMC)", whereby MPSMC holds 20% stake in FSL. It has its Registered Office and corporate Office at New Delhi. FSL is one of the largest producers of red granite in Northern India.
Shares of FORTUNE INTERNATIONAL LTD. was last trading in BSE at Rs.15.5 as compared to the previous close of Rs. 16. The total number of shares traded during the day was 1000 in over 1 trades.
The stock hit an intraday high of Rs. 15.5 and intraday low of 15.5. The net turnover during the day was Rs. 15500.