Kilburn Engineering Limited to acquire Monga Strayfield Pvt Ltd

The board of directors of Kilburn Engineering Limited has approved the terms of a binding term sheet, to be executed with the promoters and shareholders of 'Monga Strayfield Private Limited' ("Target") for proposed acquisition of 100% paid up capital of the Target, at its meeting held on 21st August, 2024.

The proposed acquisition by the Company is subject to conclusion of satisfactory 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.

Acquiring Monga Strayfield Private Limited will add to existing capabilities of Kilburn Engineering Limited . This acquisition will help Kilburn Engineering Limited achieve its next phase of growth with the help of enhanced manufacturing capabilities and expand its dryers portfolio.

The consideration for the acquisition will be a combination of cash and non-cash component aggregating up to ~INR 123,00,00,000 (Indian Rupees One Hundred Twenty Three Crores) subject to adjustments, if any, on account of due diligence findings and on terms to be agreed in the definitive agreements.

Monga Strayfield Private Limited is an Engineering Company and is a leading player in the business of manufacturing radio frequency dryers and heating solutions. Monga Strayfield was incorporated in 1968 under the provisions of Companies Act, 1956, having its registered office in Pune. The Company has incorporated a subsidiary in United Kingdom in the year 2006. Presently, the Company has a Joint Venture with a Canada based Company, which is yet to commence operations.

Shares of KILBURN ENGINEERING LTD. was last trading in BSE at Rs. 479.90 as compared to the previous close of Rs. 435.20. The total number of shares traded during the day was 677953 in over 3746 trades.

The stock hit an intraday high of Rs. 500.05 and intraday low of 437.50. The net turnover during the day was Rs. 319372988.00.

Source : Equity Bulls

Keywords

KILBURNENGINEERING INE338F01015 Acquisition MongaStrayfield