Prime Industries Ltd to acquire 48.69% in Kay Bouvet Engineering Ltd

The Board of Directors of Prime Industries Limited ('the Company') at its meeting held on Friday, June 23, 2023, considered and approved the acquisition of 98,59,000 (Ninety-Fight Lakhs Fifty Nine Thousand) shares of Rs. 10/- each, representing 48.69% of total paid up capital of Kay Bouvet Engineering Limited (KBEL).

The board also executed the Memorandum of Understanding (MoU) in the above respect. Further, pursuant to the above acquisition of shares, Kay Bouvet Engineering Limited will become an Associate of the Company.

KBEL carries on the business of manufacture, sellers, import and export sugar, paper, cement chemical and other industrial machinery in any form and shape and KBEL is an heavy engineering company manufacturing custom designed equipment for the defense, aerospace and nuclear industries.

Source : Equity Bulls

Keywords

PrimeIndustries Acquisition KayBouvetEngineering