Dynamatic Technologies Ltd to acquire further shares in subsidiary

The board of directors of Dynamatic Technologies Ltd at its meeting held on Friday, 22nd March 2024 has approved the acquisition of 3,50,00,000 equity shares of Rs.10 each aggregating to Rs.35 crores by way of rights issue in Dynamatic Manufacturing Limited (DML), the Wholly Owned Subsidiary of the Company.

DML is into the business of undertaking manufacturing activities viz. sheet metal operations, heat treatment, surface treatment, metal forming, metal coating alongside other ancillary operations.

The turnover of DML for the Financial Year ended 2022-23 is Rs.43,00,000/- (Forty-Three Lakhs Only).

The objective is to utilise the proceeds from the issue towards repayment of loans and advances, including trade advances, capital expenditures, and general corporate purposes. On completion of the aforesaid acquisition DTL's shareholding in DML will increase to 97.18% and balance 2.82% will continue to be held by JKM Erla Automotive Limited being wholly owned subsidiary of DTL.

Shares of Dynamatic Technologies Limited was last trading in BSE at Rs. 6971.20 as compared to the previous close of Rs. 6668.90. The total number of shares traded during the day was 2600 in over 987 trades.

The stock hit an intraday high of Rs. 7088.30 and intraday low of 6682.55. The net turnover during the day was Rs. 17881633.00.

Source : Equity Bulls

Keywords

DynamaticTechnologies INE221B01012 Acquisition DynamaticManufacturing