ABB India rises on getting nod to incorporate subsidiary for divesting turbocharger business
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ABB India is currently trading at Rs. 2289.55, up by 6.00 points or 0.26% from its previous closing of Rs. 2283.55 on the BSE.
The scrip opened at Rs. 2287.15 and has touched a high and low of Rs. 2304.95 and Rs. 2260.75 respectively. So far 2704 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2370.00 on 10-Dec-2021 and a 52 week low of Rs. 1191.00 on 24-Dec-2020.
Last one week high and low of the scrip stood at Rs. 2330.95 and Rs. 2078.05 respectively. The current market cap of the company is Rs. 48519.60 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 10.45% and 14.55% respectively.
ABB India has received approval from its board of directors to incorporate a wholly-owned subsidiary (WoS) to which it will sell its turbocharger business for Rs 310 crore on a slump sale basis. The slump sale will be consummated by end of February, 2022. Upon completion of the slump sale, the wholly-owned subsidiary that is being incorporated will be engaged in the turbocharger business.
The Turbocharger Business has a turnover of Rs 187 crore which is around 3% of the total turnover of the company for the financial year ending on December 31, 2020.The contribution of the Turbocharger Business to the net worth of the Company for the financial year ending on December 31, 2020, is less than Rs 25 crore.
ABB is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future.
