KEC International rises on inking pact to acquire 100% stake in Spur Infrastructure
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KEC International is currently trading at Rs. 425.85, up by 6.95 points or 1.66% from its previous closing of Rs. 418.90 on the BSE.
The scrip opened at Rs. 417.00 and has touched a high and low of Rs. 429.90 and Rs. 417.00 respectively. So far 4711 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 486.45 on 03-Mar-2021 and a 52 week low of Rs. 299.10 on 24-Sep-2020.
Last one week high and low of the scrip stood at Rs. 447.50 and Rs. 412.00 respectively. The current market cap of the company is Rs. 10769.43 crore.
The promoters holding in the company stood at 51.82%, while Institutions and Non-Institutions held 37.58% and 10.60% respectively.
KEC International has entered into a definitive agreement to acquire 100% equity in Spur Infrastructure for an enterprise value of Rs 62 crore subject to customary adjustments at closing. .
Acquisition of Spur Infra is in line with KEC's strategy to diversify into adjacent areas of growth. KEC's proven project management capabilities and extensive experience of executing cross-country linear projects and managing Right of Way (RoW), along with Spur Infra's technical knowhow, experienced manpower and relevant pre-qualifications will enable KEC to capture the lucrative growth opportunities in the oil and gas cross-country pipelines EPC sector in India as well as in international markets.
KEC International is a global infrastructure EPC major. It has presence in power transmission and distribution, cables, railways, water, renewables and civil.
