Sona BLW Precision Forgings gains on completing acquisition of 54% share capital and voting rights in Novelic
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Sona BLW Precision Forgings is currently trading at Rs. 590.35, up by 7.30 points or 1.25% from its previous closing of Rs. 583.05 on the BSE.
The scrip opened at Rs. 590.00 and has touched a high and low of Rs. 593.65 and Rs. 586.20 respectively. So far 6543 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 626.00 on 23-Aug-2023 and a 52 week low of Rs. 397.35 on 26-Dec-2022.
Last one week high and low of the scrip stood at Rs. 605.65 and Rs. 573.80 respectively. The current market cap of the company is Rs. 34501.47 crore.
The promoters holding in the company stood at 29.76%, while Institutions and Non-Institutions held 59.88% and 10.35% respectively.
Sona BLW Precision Forgings has completed the acquisition of 54% share capital and voting rights in Novelic d.o.o. Beograd – Zvezdara (a company registered with Business Registers Agency having office in Belgrade, Serbia) (Novelic) on September 4, 2023, through acquisition 51% of its share capital and voting rights from the existing shareholders and 3% of the share capital and voting rights as a result of capital infusion in Novelic, as per terms of the definitive documents executed in this regard.
With Novelic’s capabilities in sensors and perception solutions, Sona Comstar intends to expand in the area of autonomous and connected vehicle technologies. Total adjusted consideration is Euro 40.097 million payable under a deferred payment mechanism in three tranches, 60% of which is payable within 10 business days from the date when the ruling on capital increase becomes non-appealable and remaining 40% in 2 yearly tranches of 20% each, as per the terms of the definitive documents.
Sona BLW Precision Forgings is one of the leading automotive technology companies in India. It is primarily engaged in designing, manufacturing, and supplying high-quality mission-critical automotive components such as differential assemblies, gears, conventional and micro-hybrid starter motors, etc.
