Shriram Pistons & Rings Ltd enters into asset purchase agreement with Sunbeam

Shriram Pistons & Rings Limited ("SPRL" or "the Company") has entered into an Asset Purchase Agreement (APA) with Sunbeam Lightweighting Solutions Private Limited (a wholly-owned subsidiary of Craftsman Automation Limited) ("Seller"), for purchase of identified plant and machinery and related assets forming part of piston manufacturing line, on a piecemeal basis for a consideration of INR 28 Crore to enhance their piston manufacturing capacity, subject to the satisfaction of customary closing conditions (hereinafter referred to as the "Proposed Transaction").

The consummation of the Proposed Transaction shall be subject to the fulfillment of closing conditions and completion of closing deliveries as stipulated under the APA.

Shares of Shriram Pistons & Rings Limited was last trading in BSE at Rs. 3052.90 as compared to the previous close of Rs. 3038.25. The total number of shares traded during the day was 8939 in over 1737 trades.

The stock hit an intraday high of Rs. 3066.70 and intraday low of 2965.25. The net turnover during the day was Rs. 26899403.00.

Source : Equity Bulls

Keywords

ShriramPistonsandRings INE526E01018 AssetPurchaseAgreement SunbeamLightweightingSolutions