Symphony soars on getting nod to purchase 5% stake in Symphony AU
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Symphony is currently trading at Rs. 955.45, up by 27.10 points or 2.92% from its previous closing of Rs. 928.35 on the BSE.
The scrip opened at Rs. 926.00 and has touched a high and low of Rs. 976.90 and Rs. 914.95 respectively. So far 7267 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1214.00 on 08-Apr-2022 and a 52 week low of Rs. 835.95 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 976.90 and Rs. 880.20 respectively. The current market cap of the company is Rs. 6645.92 crore.
The promoters holding in the company stood at 73.25%, while Institutions and Non-Institutions held 15.22% and 11.53% respectively.
Symphony’s board has approved purchase of 920,000 ordinary shares of Symphony AU Pty (representing 5% of share capital) from its existing shareholder thereby making Symphony AU Pty a wholly owned subsidiary (100% shareholding) of the Company for a pre decided consideration of $800,000 (equivalent to Rs 4.45 crore).
The said purchase/acquisition of shares has been in accordance with the terms and conditions of the Shareholders Agreement, as amended from time to time, executed between the company and existing shareholder amongst others. The object of the purchase / acquisition is to convert SAPL into a wholly owned subsidiary by acquiring remaining 5% shares from the existing shareholder at a pre-decided time and price. The Board of Directors of the company at its meeting held on July 26, 2022, have inter-alia approved the same.
Symphony, an Indian Multi-National Company with presence in over 60 countries is the world’s largest manufacturer of air-coolers.
