NIBE touches roof on inking pact to acquire 51% stake in Karmayogi Manufacturing
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NIBE is currently trading at its upper circuit limit of Rs. 510.00, up by 10.00 points or 2.00% from its previous closing of Rs. 500.00 on the BSE.
The scrip opened at Rs. 510.00 and has touched a high and low of Rs. 510.00 and Rs. 505.15 respectively. So far 10357 shares were traded on the counter.
The BSE group 'XT' stock of face value Rs. 10 has touched a 52 week high of Rs. 564.90 on 25-Jan-2023 and a 52 week low of Rs. 275.00 on 16-Dec-2022.
Last one week high and low of the scrip stood at Rs. 514.95 and Rs. 485.95 respectively. The current market cap of the company is Rs. 604.83 crore.
The promoters holding in the company stood at 55.32%, while Institutions and Non-Institutions held 3.27% and 41.41% respectively.
NIBE has signed definitive agreement on August 29, 2023, to acquire the 51% stake in Karmayogi Manufacturing (Karmayogi). Pursuant to aforesaid agreement, the Company has acquired 51% stake in Karmayogi on August 29, 2023, resulting in Karmayogi becoming its subsidiary company in terms of section 2(87) of the Companies Act, 2013.
NIBE (Formerly known as Kavita fabrics) manufactures synthetic fabrics in the form of semi-finished sarees and dress materials. These products are offered in various designs as per customer requirements.
