NIBE trades in green on acquiring 50% stake in Indigenous Casting Technology
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NIBE is currently trading at Rs. 295.00, up by 3.70 points or 1.27 % from its previous closing of Rs. 291.30 on the BSE.
The scrip opened at Rs. 300.00 and has touched a high and low of Rs. 300.00 and Rs. 278.00 respectively. So far 2359 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 506.35 on 21-Sep-2022 and a 52 week low of Rs. 37.10 on 20-Dec-2021.
Last one week high and low of the scrip stood at Rs. 322.65 and Rs. 278.00 respectively. The current market cap of the company is Rs. 306.31 crore.
The promoters holding in the company stood at 62.97%, while Institutions and Non-Institutions held 0.91% and 36.12% respectively.
NIBE has acquired 50% stake in Indigenous Casting Technology on December 10, 2022, resulting in Indigenous becoming its Associate Company in terms of section 2(6) of the Companies Act, 2013.
The company had signed definitive agreement on December 09, 2022, to acquire the 100% stake in Indigenous Casting Technology. Balance 50% stake is to be acquired on receipt of NOC from MIDC at a total cash consideration of Rs 100 lakh along with its all assets and liabilities as on date. Indigenous Casting Technology has land admeasuring 7 Acres with factory shade at Gut No. 277, at Post Nighoje, Tal Khed, Pune allotted by Maharashtra Industrial Development Corporation (MIDC) and inter se rights and obligations and other matters in connection therewith.
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.
