Ruttonsha International Rectifier Ltd board approves acquisition of Visicon Power

The Board of Directors of Ruttonsha International Rectifier Ltd at its meeting held today i.e. Tuesday, 28th December, 2021, approved acquisition of 100% stake in Visicon Power Electronics Private Limited (Visicon Power) i. e. 21,03,834 Equity Shares for cash consideration of Rs. 2,10,38,340/ -(Rupees Two Crores Ten Lacs Thirty Eight Thousand Three Hundred and Forty only) based on valuation done by registered valuer stating fair value of shares at Rs.101- per share, thereby making Visicon Power, a wholly owned subsidiary of the Company.

Visicon Power was incorporated in India on 24th July, 2020 as a wholly owned subsidiary of Silicon Power Corporation, U.S.A. Visicon power is into the business of manufacturing Silicon Carbide (Sic) wafers and power electronic devices. It is in the process of setting up its plant near Baska, Halol, Gujarat. It has received PLI (Production Linked Incentive) Scheme approval from the Government of India. It has also made an application for Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) of Government of India for setting up Sic based manufacturing facility in India. The Company expects to receive approval under SPECS scheme in couple of months' time. It is expected to start its commercial production from F.Y. 2022-23 onwards.

The aforesaid acquisition is for ease of business operations which will further enable Ruttonsha to acquire latest technology and widen its product reach across diverse business vertical of semiconductors.

Shares of RUTTONSHA INTERNATIONAL RECTIFIER LTD. was last trading in BSE at Rs. 176.75 as compared to the previous close of Rs. 168.35. The total number of shares traded during the day was 3184 in over 20 trades.

The stock hit an intraday high of Rs. 176.75 and intraday low of 176.75. The net turnover during the day was Rs. 562772.00.

Source : Equity Bulls

Keywords

RUTTONSHAINTERNATIONALRECTIFIER INE302D01016 Acquisition VisiconPower