Jaykay Enterprises soars as its arm acquires 76.41% stake in Allen Reinforced Plastics
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Jaykay Enterprises is currently trading at Rs. 78.25, up by 4.27 points or 5.77% from its previous closing of Rs. 73.98 on the BSE.
The scrip opened at Rs. 81.37 and has touched a high and low of Rs. 81.37 and Rs. 78.10 respectively. So far 86229 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 1 has touched a 52 week high of Rs. 81.37 on 10-Jul-2023 and a 52 week low of Rs. 40.00 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 81.37 and Rs. 59.05 respectively. The current market cap of the company is Rs. 432.47 crore.
The promoters holding in the company stood at 51.30%, while Institutions and Non-Institutions held 2.77% and 45.93% respectively.
Jaykay Enterprises (JKE) through its wholly owned subsidiary i.e. JK Defence & Aerospace has acquired the 76.41% equity stake in Allen Reinforced Plastics (Allen). The Acquisition is part of the inorganic growth plans of the company in Defence & Aerospace Sector. Post-acquisition Allen will become subsidiary of JK Defence and step down subsidiary of the company. The cost of acquisition is Rs 90 crore.
Allen is involved in the design, development, manufacture and testing of composite and allied engineering products for the purpose of Defence, Aerospace and Engineering products like Missile & Rockets components, Underwater Applications, Marine and submarine, Gun and accessories.
Jaykay Enterprises manufactures synthetic yarns, fibres and fabrics, portland and white cement, chemicals, fertilisers, pharmaceuticals and synthetic fibre-making machinery, and chemicals, and develops renewable energy sources.
