CUMI International Limited, Cyprus (CIL), a wholly owned subsidiary of Carborundum Universal Limited (CUMI) has entered into an agreement on 3rd December 2021 to acquire an existing company in Germany which will become a step-down subsidiary of CUMI. This acquisition will facilitate a base in European Union (EU) facilitating CUMI Group accessing markets in EU for its portfolio viz., Abrasives, Ceramics and Electrominerals.
The proposed step down subsidiary will facilitate CUMI Group accessing markets across the European Union for all its portfolio viz., Abrasives, Ceramics and Electrominerals.
As per its existing AOA the object of the Company is the administration of its own assets. However, post acquisition the Articles will be amended to serve the business objectives of CUMI Group.
Shares of Carborundum Universal Limited was last trading in BSE at Rs. 908.40 as compared to the previous close of Rs. 896.10. The total number of shares traded during the day was 2956 in over 515 trades.
The stock hit an intraday high of Rs. 914.00 and intraday low of 892.70. The net turnover during the day was Rs. 2670407.00.