AEML Investments Ltd to invest in Krishitek Industries Pvt Ltd

Gujarat Apollo Industries Limited's ("Company") material subsidiary AEML Investments Limited (formerly known as Apollo Earthmovers Limited) ("AEML") had entered into a Share Subscription Agreement on August 12, 2021 with the Company, Krishitek Industries Private Limited (""KIPL") for subscribing upto 50,000 equity shares of a face value of INR 10/- in a phased manner. AEML currently holds 25,000 equity shares consisting of 33.33% of the total paid up share capital of KIPL Shares. AEML has further subscribed for 25,000 equity shares at a consideration of INR 82,50,000/- and have constituted 50% (Fifty percent) of the issued and paid up share capital of KIPL.

KIPL is pioneer in manufacturing agricultural machineries for crop cutting products such as Power Reaper, Paddy Reaper, Soyabean Reaper, High Crop Reaper, Power Tiller Reaper, tractor mounted Reaper, etc. KIPL also manufactures other agricultural machines like Power weedpers and Mini Tillers in India.

The Subscription' money invested by AEML will be used by KIPL for development of their products and manufacturing activities.

Shares of Gujarat Apollo Industries Limited was last trading in BSE at Rs. 249.15 as compared to the previous close of Rs. 249.05. The total number of shares traded during the day was 804 in over 96 trades.

The stock hit an intraday high of Rs. 252.90 and intraday low of 248.10. The net turnover during the day was Rs. 201050.00.

Source : Equity Bulls

Keywords

GujaratApolloIndustries INE826C01016 AEMLInvestments Investment KrishitekIndustries