Astral moves up on getting nod to purchase additional 15% stake in Seal IT Services
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Astral is currently trading at Rs. 2506.80, up by 94.30 points or 3.91% from its previous closing of Rs. 2412.50 on the BSE.
The scrip opened at Rs. 2446.85 and has touched a high and low of Rs. 2537.85 and Rs. 2413.95 respectively. So far 68309 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2654.00 on 09-Sep-2022 and a 52 week low of Rs. 1584.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 2654.00 and Rs. 2372.10 respectively. The current market cap of the company is Rs. 50566.13 crore.
The promoters holding in the company stood at 55.73%, while Institutions and Non-Institutions held 29.67% and 14.60% respectively.
Astral has received approval to purchase additional 15% equity shares of Seal IT Services, UK (Subsidiary of the Company) from existing shareholder at a consideration of British pound sterling 52,50,000 (equivalent to around Rs 48 crore). The Company has also executed Share Purchase agreement for the said purchase of additional shares. With this acquisition, the total equity stake of the Company in Seal IT Services, UK has increased from 80% to 95%. The board of directors at its meeting held on September 15, 2022 has approved the same.
Astral is among the country’s leading manufacturers of plastic pipes used across the industries and is now making strong inroads into the adhesives segment and infrastructure products.
