Craftsman Automation trades jubilantly on entering into agreement to acquire 76% stake in DR Axion India
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Craftsman Automation is currently trading at Rs. 3548.85, up by 294.10 points or 9.04% from its previous closing of Rs. 3254.75 on the BSE.
The scrip opened at Rs. 3383.95 and has touched a high and low of Rs. 3592.00 and Rs. 3349.00 respectively. So far 6361 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3462.95 on 30-Dec-2022 and a 52 week low of Rs. 1845.00 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 3592.00 and Rs. 3133.60 respectively. The current market cap of the company is Rs. 7443.08 crore.
The promoters holding in the company stood at 58.77%, while Institutions and Non-Institutions held 20.60% and 20.63% respectively.
Craftsman Automation has entered into a definitive agreement to acquire 8,57,65,631 equity shares representing 76% of the total paid-up equity share capital (fully diluted basis) of DR Axion India (DRAIPL). Upon completion of the transaction, DR Axion India will be a subsidiary of the company. The Company and DRAIPL both operate in the auto components space and have strengths in complementary areas. The acquisition will help both entities leverage their strengths and build better synergies. The acquisition is expected to be completed before March 31, 2023. The Cost of acquisition is Rs 375 crore.
Craftsman Automation is a diversified engineering company engaged in: (a) Automotive - Powertrain and Others, (b) Automotive - Aluminium Products, and (c) Industrial and Engineering segments.
