Indigenous Casting Technology Pvt Ltd becomes 100% subsidiary of NIBE Ltd

NIBE Ltd had earlier announced regarding acquisition of 50% stake in Indigenous Casting Technology Private Limited, having land admeasuring 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.

The Company has acquired remaining 50% stake in Indigenous Casting Technology Private Limited ("Indigenous") on receipt of NOC from MIDC along with its all assets and liabilities.

Pursuant to aforesaid acquisition of remaining 50% stake in Indigenous has become Wholly Owned Subsidiary of the Company with effect from March 22, 2023 in terms of section 2(87) of the Companies Act, 2013.

Shares of NIBE Ltd was last trading in BSE at Rs. 360.05 as compared to the previous close of Rs. 346.90. The total number of shares traded during the day was 22418 in over 366 trades.

The stock hit an intraday high of Rs. 364.20 and intraday low of 329.60. The net turnover during the day was Rs. 8024019.00.

Source : Equity Bulls

Keywords

NIBE INE149O01018 StakeAcquisition Subsidiary IndigenousCastingTechnology