Precision Camshafts Ltd's subsidiary increases stake in German firm to 100%

PCL (International) Holding B.V., (Netherlands), a Wholly Owned Subsidiary of Precision Camshafts Limited ("Company") has acquired balance 24% shareholding in "MFT Motoren und Fahrzeugtechnik GmbH, Germany" in addition to the existing 76% shareholding making it a Wholly Owned Step-down Subsidiary of the Company for a total consideration of Euro 0.55 million (INR 4.76 crores).

The Target Company is manufacturer of camshafts, balancer shafts and prismatic components. This acquisition will help expand the customer base and product lines. Acquiring balance 24% shareholding of the Target Company will allow the Company to expand its manufacturing base in the European Market and have full control over the affairs of the Target Company.

Shares of Precision Camshafts Ltd was last trading in BSE at Rs.34 as compared to the previous close of Rs. 32.75. The total number of shares traded during the day was 28423 in over 222 trades.

The stock hit an intraday high of Rs. 35.05 and intraday low of 31.9. The net turnover during the day was Rs. 962205.

Source : Equity Bulls

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