Varroc Engineering Limited arm increases stake in Varroc Elba

VarrocCorp Holding B.V., the Netherlands ("VCHBV"), wholly-owned subsidiary of Varroc Engineering Limited, has acquired balance 30% stake i.e. 60,000 equity shares of VARROC-ELBA ELECTRONICS S.R.L ("Varroc Elba") held by the other JV Partner, ELBA SA, Romania for an aggregate consideration of Euro 1.05M (Euros One Million Fifty thousand only).

Pursuant to the aforesaid acquisition, Varroc Elba has become a 'wholly owned subsidiary' of VCHBV and in turn a 'step-down subsidiary' of the Company.

The acquisition of equity shares is part of ongoing group consolidation exercise. Before the stated acquisition VCHBV was holding 70% equity shares of Varroc Elba and post the acquisition of shares Varroc Elba has become the Wholly Owned Subsidiary of VCHBV.

Shares of Varroc Engineering Ltd was last trading in BSE at Rs.407 as compared to the previous close of Rs. 409.95. The total number of shares traded during the day was 7881 in over 745 trades.

The stock hit an intraday high of Rs. 423.9 and intraday low of 405.3. The net turnover during the day was Rs. 3242048.

Source : Equity Bulls

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