Nibe Ltd signs LOI with HBD, South Korea for JV

Nibe Limited has has signed a Letter of Intent (LOI) with HBE, South Korea to set-up a joint venture for forging facilities in India to manufacture defence and aerospace products. In proposed JV Nibe and HBE will hold in the ratio of 51:49.

The aforesaid LOI is a non-binding subject to due diligence, various regulatory & legal permissions/approval and definitive agreement.

Shares of NIBE Ltd was last trading in BSE at Rs. 1933.30 as compared to the previous close of Rs. 1841.25. The total number of shares traded during the day was 52678 in over 1432 trades.

The stock hit an intraday high of Rs. 1933.30 and intraday low of 1855.00. The net turnover during the day was Rs. 100967658.00.

Source : Equity Bulls

Keywords

NIBE INE149O01018 LOI HBD SouthKorea JV