Kirloskar Oil Engines surges on planning to acquire balance equity stake of La Gajjar Machineries
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Kirloskar Oil Engines is currently trading at Rs. 241.10, up by 6.95 points or 2.97% from its previous closing of Rs. 234.15 on the BSE.
The scrip opened at Rs. 236.15 and has touched a high and low of Rs. 242.30 and Rs. 235.00 respectively. So far 3368 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 271.80 on 08-Sep-2022 and a 52 week low of Rs. 122.60 on 07-Mar-2022.
Last one week high and low of the scrip stood at Rs. 254.70 and Rs. 233.10 respectively. The current market cap of the company is Rs. 3386.57 crore.
The promoters holding in the company stood at 59.44%, while Institutions and Non-Institutions held 17.83% and 22.73% respectively.
Kirloskar Oil Engines (KOEL) is planning to acquire balance stake in La-Gajjar Machineries (LGM), Ahmedabad. KOEL had acquired 76% stake in LGM in the year 2017 with an agreement that the balance holding will be acquired by KOEL over a 5 year period.
By completing the acquisition as per previously agreed timelines, LGM will become a 100% subsidiary of KOEL. With a strong management team in place, LGM will focus on building this business to its real potential, deepening and widening its reach and leveraging KOEL’s expertise in channel, service, manufacturing and R&D to build a world class and self-sustaining organization.
Kirloskar Oil Engines, a flagship company of the Kirloskar group, is a leader in the manufacturing of diesel engines, farm equipment and generator sets with a sizable presence in international markets.
