IFB Industries surges on getting nod to investment up to Rs 97 crore in IFB Refrigeration
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IFB Industries is currently trading at Rs. 997.70, up by 9.20 points or 0.93% from its previous closing of Rs. 988.50 on the BSE.
The scrip opened at Rs. 1008.95 and has touched a high and low of Rs. 1028.80 and Rs. 991.30 respectively. So far 5797 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1290.00 on 06-Jan-2022 and a 52 week low of Rs. 793.50 on 07-Mar-2022.
Last one week high and low of the scrip stood at Rs. 1028.80 and Rs. 927.00 respectively. The current market cap of the company is Rs. 4031.01 crore.
The promoters holding in the company stood at 74.96%, while Institutions and Non-Institutions held 4.53% and 20.46% respectively.
IFB Industries has received approval from board of directors for investment of up to Rs 97 crore in equity issue of IFB Refrigeration (IRL) in one or more tranches. The Company keeps evaluating proposals for equity investment in diverse business as an alternative to investment in debt mutual funds. Refrigerator business being a necessity for every household looks promising. Further, IRL has an experienced project and manufacturing team in place.
Prior to the investment IFB Industries’ shareholding in IFB Refrigeration is nil. Post the investment, IFB Industries’ shareholding in IFB Refrigeration shall be intimated separately. In any eventuality, IFB Industries’ shareholding in IFB Refrigeration shall be below 50%.
IFB Industries is engaged in the business of manufacturing of diverse parts and accessories for motor vehicles etc. and manufacture and trading of Home Appliances Products.
