Ram Ratna Wires Ltd approves acquisition of 60% in Tefabo Product Pvt Ltd

The Board of Directors of Ram Ratna Wires Ltd at their meeting held on Monday, October 14, 2024, which concluded at 7.10 p.m., have considered and approved the acquisition of 60% of the paid-up share capital of Tefabo Product Private Limited ("Tefabo").

Tefabo is engaged in the business of manufacturing fabricated components and assemblies and having complete fabrication set up and strong presence in renewable energy sector and many MNC's on board as their clients.

The Board has approved the investment in Tefabo by way of acquisition of 18,00,000 equity shares of Rs. 10/- each fully paid-up from certain existing shareholders of Tefabo, aggregating to 60% of the total paid-up share capital of Tefabo. The Transaction is subject to satisfaction of the conditions stipulated in the definitive documents and receipt of necessary approvals as may be required.

India has taken an ambitious target of achieving 500 GW of renewable energy by 2030 and is planning to be carbon neutral by year 2070. As such Renewable Energy sector will be further booming in coming years.

The Company aims to establish a strong presence in the dynamic and growing sectors of renewable energy and railways. Tefabo is already supplying critical mechanical components to leading companies in India and abroad within these industries.

Shares of RAM RATNA WIRES LTD. was last trading in BSE at Rs. 742.55 as compared to the previous close of Rs. 732.00. The total number of shares traded during the day was 11318 in over 782 trades.

The stock hit an intraday high of Rs. 758.00 and intraday low of 724.00. The net turnover during the day was Rs. 8415821.00.

Source : Equity Bulls

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