The Board of directors of Grindwell Norton Limited have approved the execution of the Share Purchase Agreement ("SPA") with the existing shareholders of PRS Permacel Private Limited for the acquisition of 100% equity shares for a consideration of Rs. 1220 Million (subject to closing adjustments).
The acquisition will help broadening the product portfolio and alignment with the global business interests.
PRS Permacel is engaged in manufacturing and marketing of aesthetic decals, other adhesive tapes etc. in India.
Shares of Grindwell Norton Limited was last trading in BSE at Rs. 1675.40 as compared to the previous close of Rs. 1694.75. The total number of shares traded during the day was 2602 in over 794 trades.
The stock hit an intraday high of Rs. 1710.00 and intraday low of 1650.00. The net turnover during the day was Rs. 4347237.00.