Nelco jumps on inking pact to make investment in Piscis Networks
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Nelco is currently trading at Rs. 707.80, up by 73.30 points or 11.65% from its previous closing of Rs. 634.50 on the BSE.
The scrip opened at Rs. 646.10 and has touched a high and low of Rs. 711.80 and Rs. 640.05 respectively. So far 54100 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1089.95 on 02-Sep-2022 and a 52 week low of Rs. 487.00 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 711.80 and Rs. 610.25 respectively. The current market cap of the company is Rs. 1566.94 crore.
The promoters holding in the company stood at 50.09%, while Institutions and Non-Institutions held 4.71% and 45.20% respectively.
Pursuant to the approval of the Board of Directors, Nelco has entered into the Agreements with the Promoters and other Shareholders of Piscis Networks on June 5, 2023 for an initial investment of Rs 99,99,100 to subscribe 1,111 equity shares of Rs 10 each representing 9.09% of the paid-up capital of Piscis Networks, and subsequently to make further investment to increase the company’s shareholding upto alteast 30% of the paid-up capital of Piscis Networks.
The investment will enable the company to offer integrated solutions to its customers in improving their network performance, reliability and security and also opens up new business opportunities for the company.
Nelco, a part of Tata Group, is a leading Satellite Communication Service Provider in India, providing highly reliable data connectivity solutions across the country for the Enterprise, Aero IFC and Maritime sectors.
