AIA Engineering gains on acquiring 26% stake in CMPL
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
AIA Engineering is currently trading at Rs. 2588.75, up by 22.45 points or 0.87% from its previous closing of Rs. 2566.30 on the BSE.
The scrip opened at Rs. 2547.05 and has touched a high and low of Rs. 2626.80 and Rs. 2547.05 respectively. So far 879 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2875.15 on 07-Dec-2022 and a 52 week low of Rs. 1476.00 on 07-Mar-2022.
Last one week high and low of the scrip stood at Rs. 2648.75 and Rs. 2500.00 respectively. The current market cap of the company is Rs. 24448.31 crore.
The promoters holding in the company stood at 58.47%, while Institutions and Non-Institutions held 38.75% and 2.77% respectively.
AIA Engineering has acquired 26% stake in Clean Max Meridius through executing Shareholders' Agreement. AIA Engineering has executed Shareholders' Agreement with Clean Max Enviro Energy (Promoter Shareholder) and Clean Max Meridius (CMPL) to subscribe additional 21,878 Equity Shares at Rs 1,810 (including Premium of Rs 1,800 per share) by way of Right Issue to maintain its 26% stake in CMPL.
The company wishes to offtake the Contracted Quantity of Electricity generated from the Project as a Captive User under manufacturing units in Gujarat in view of intrastate open access arrangement for its significant financial/commercial benefits.
AIA Engineering, a certified ISO 9001 company, specialises in the design, development, manufacture, installation and servicing of high chromium wear, corrosion and abrasion resistant castings used in the cement, mining and thermal power generation industries.
