Nibe Ltd to acquire Indigenous Casting Technology Pvt Ltd

Nibe Limited (Formerly known as Kavita fabrics Limited) has signed definitive agreement on December 09, 2022, to acquire the 100.00% stake in Indigenous Casting Technology Private Limited ("Indigenous")

50% stake is to be acquired immediately post execution of share purchase agreement and balance 50% on receipt of NOC from MIDC at a total cash consideration of Rs. 100 lacs along with its all assets and liabilities as on date. This deal results in Indigenous becoming its Associate Company in terms of section 2(6) of the Companies Act, 2013.

Indigenous Casting Technology Private Limited, has land admeasuring 7 Acres with factory shade at Gut No. 277, at Post Nighoje, Tal Khed, Pune 410501 allotted by Maharashtra Industrial Development Corporation (MIDC) and inter se rights and obligations and other matters in connection therewith.

Shares of NIBE Ltd was last trading in BSE at Rs. 298.30 as compared to the previous close of Rs. 311.60. The total number of shares traded during the day was 16402 in over 337 trades.

The stock hit an intraday high of Rs. 320.00 and intraday low of 296.05. The net turnover during the day was Rs. 4950091.00.

Source : Equity Bulls

Keywords

NIBE INE149O01018 Acquisition IndigenousCastingTechnology