IFB Industries Ltd to invest Rs. 97 crores in IFB Refrigeration Limited

The Board of Directors of IFB Industries Ltd based on the recommendation of the Audit Committee, in its meeting held on 12th and 13th December 2022, has approved an investment of up to INR 97 crores (Rupees Ninety Seven Crores Only) in Equity issue of IFB Refrigeration Limited in one or more tranches.

IFB Refrigeration Limited (IRL) is an Unlisted Public Limited Company incorporated under the Companies Act, 2013 on 11th March, 2021, having its manufacturing facility at Plot No. A-1, MIDC, Phase-III, Ranjangaon Industrial Area, TalShirur, Pune - 412210, Maharashtra.

IRL, has been formed with the object to manufacture, assembly, fabrication, design, maintenance and do all other acts and deeds to deal in all kinds of Refrigerators and compressors for domestic and/ or industrial usages for the said business.

The history of last three years turnover is not applicable since the Company has been incorporated only on 11th March, 2021. However, the commercial operation of the Company is likely to start from April, 2023.

The Company keeps evaluating proposals for equity investment in diverse business as an alternative to investment in debt mutual funds, Refrigerator business being a necessity for every household looks promising. Further IRL, has an experienced project and manufacturing team in place.

Shares of IFB Industries Limited was last trading in BSE at Rs. 988.50 as compared to the previous close of Rs. 980.40. The total number of shares traded during the day was 10502 in over 1151 trades.

The stock hit an intraday high of Rs. 997.60 and intraday low of 970.70. The net turnover during the day was Rs. 10348905.00.

Source : Equity Bulls

Keywords

IFBIndustries INE559A01017 Investment IFBRefrigeration