Aeroflex Industries Ltd to acquire Hyd-Air Engineering Pvt Ltd

The Board of Directors of Aeroflex Industries Limited (the "Company") at its meeting held today i.e. Tuesday, April 02, 2024 has approved to acquire 100% of the issued and paid up share capital of Hyd- Air Engineering Private Limited ("Investee Company") from the existing Shareholders of the Investee Company.

The Board of Directors of the Company today, has executed a Share Purchase Agreement ("SPA") with the existing shareholders of the Investee Company. On the completion of the said proposed acquisition, the Invcstec Company will become Wholly owned Subsidiary of the Company.

Hyd-Air Engineering Private Limited's manufacturing facility is based out of MIDC Chakan, Pune with a land area of approx. 60,000 sq. ft, with a current built-up area of approx. 17,000 sq. ft. Additionally, there is potential for further expansion, available for future development with approx. 43,000 sq. ft.

The Company further plans to invest approx. Rs. 18 crores in Hyd - Air to increase the production capacity over the next 2-3 years.

Hyd-Air Engineering Private Limited is a manufacturer of products like Hydraulic Fittings, instrumentation fittings, Double Ferrule Fittings, Hose Clamps, SAE Flanges, Valves, Couplings etc.

Shares of Aeroflex Industries Limited was last trading in BSE at Rs. 131.00 as compared to the previous close of Rs. 121.45. The total number of shares traded during the day was 101506 in over 2288 trades.

The stock hit an intraday high of Rs. 132.50 and intraday low of 122.65. The net turnover during the day was Rs. 13105194.00.

Source : Equity Bulls

Keywords

AeroflexIndustries INE024001021 IronandSteel Acquisition HydAirEngineering