Kilburn Engineering Limited approves acquisition of Factory Unit

The board of directors of Kilburn Engineering Limited has approved the terms of a binding term sheet, at its meeting held on July 12 , 2024, for the proposed acquisition of a Factory Unit situated at Plot No. B/78/1, M.I.D.C, Anand Nagar, Additional Ambernath Industrial Area, Ambernath (East) - 421 506, Thane, Maharashtra from M/s. Shree Satyanarayan Industrial Suppliers Private Limited, along with certain identified assets in the Factory Unit, including, Plant, Machinery, Office Building, Work Area/Shed, Amenities and Equipment(s).

Keeping in mind prospective order requirements and expansion plans, the Company is in requirement of additional manufacturing space. The said factory unit along with the identified assets are expected to meet the immediate expansion requirements of the Company. Further, the close proximity of the factory unit to the existing facility of the Company is expected to create great synergy.

The proposed acquisition by the Company is subject to conclusion of customary due diligence and will be effected on such terms and conditions as may be contained in definitive documents to be executed by the parties to the transaction.

Total Consideration paid for the purchase of the Factory Unit [including Land, Plant, Machinery, Office Building, Work Area/Shed, Amenities and Equipment(s)] shall not exceed Rs. 22,00,00,000/- (Rupees Twenty - Two Crores Only) approximately, excluding applicable taxes (if any), subject to any adjustments on account of due diligence findings.

Shares of KILBURN ENGINEERING LTD. was last trading in BSE at Rs. 439.45 as compared to the previous close of Rs. 449.45. The total number of shares traded during the day was 48527 in over 798 trades.

The stock hit an intraday high of Rs. 450.00 and intraday low of 436.00. The net turnover during the day was Rs. 21451339.00.

Source : Equity Bulls

Keywords

KILBURNENGINEERING INE338F01015 Acquisition FactoryUnit