Jaykay Enterprises Limited acquires majority stake in Allen Reinforced Plastics Pvt Ltd

Jaykay Enterprises Limited through its wholly owned subsidiary i.e. JK Defence & Aerospace Limited ("JK Defence") has acquired the 76.41% equity stake in Allen Reinforced Plastics Private Limited (Allen).

Accordingly, Allen Reinforced Plastics Private Limited has become a subsidiary of JK Defence and a step-down subsidiary of the Company with effect from July 09, 2023.

Allen Reinforced Plastics (P) Ltd ('the Company' or 'Allen' or 'Target') was incorporated in December 1987 by the founders, Mr. P.V.Rao, Mr. K.Chandrasekhar. and Mr. N.V.Rao.

The Company is involved in the design, development, manufacture and testing of composite and allied engineering products for the purpose of Defence, Aerospace and Engineering products like Missile & Rockets components, Underwater Applications, Marine and submarine, Gun and accessories.

The Acquisition is part of the inorganic growth plans of JayKay Enterprises Limited, through its WOS JK Defence in Defence & Aerospace Sector.

Shares of JAYKAY ENTERPRISES LTD. was last trading in BSE at Rs. 73.98 as compared to the previous close of Rs. 68.07. The total number of shares traded during the day was 390937 in over 1502 trades.

The stock hit an intraday high of Rs. 74.40 and intraday low of 67.40. The net turnover during the day was Rs. 27956142.00.

Source : Equity Bulls

Keywords

JAYKAYENTERPRISES INE903A01025 JKDefence Acquisition AllenReinforcedPlastics