Menon Pistons Ltd completes acquisition of Rapid Machining Technologies Pvt Ltd

Menon Pistons Ltd had entered into a Share Purchase Agreement with the promoters of M/s. Rapid Machining Technologies Private Limited for the purchase of 4,49,273 Equity shares of Rs. 10/- each which amounts to 100% of the paid up capital of the Company. The said Investment is within the authorisation limit of Rs. 12,00,00,000/- (Rupees Twelve Crores only).

The Company has now acquired all the shares of M/s. Rapid Machining Technologies Private Limited by transfer of 4,49,273 Equity shares of Rs. 10/- each which amounts to 100% of the paid up capital, in the name of the Company. M/s. Rapid Machining Technologies Private Limited is now a wholly owned subsidiary of the Company.

Shares of MENON PISTONS LTD. was last trading in BSE at Rs.28.7 as compared to the previous close of Rs. 28.95. The total number of shares traded during the day was 102727 in over 385 trades.

The stock hit an intraday high of Rs. 29.75 and intraday low of 28.5. The net turnover during the day was Rs. 3002244.

Source : Equity Bulls

Keywords