Tube Investments gains on signing SPA with Premji Invest to acquire 100% stake in Lotus
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Tube Investments of India is currently trading at Rs. 2529.25, up by 34.60 points or 1.39% from its previous closing of Rs. 2494.65 on the BSE.
The scrip opened at Rs. 2494.75 and has touched a high and low of Rs. 2546.50 and Rs. 2487.15 respectively. So far 944 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3046.25 on 20-Dec-2022 and a 52 week low of Rs. 1458.70 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 2574.95 and Rs. 2432.00 respectively. The current market cap of the company is Rs. 48935.92 crore.
The promoters holding in the company stood at 46.43%, while Institutions and Non-Institutions held 41.03% and 12.54% respectively.
Tube Investments of India (TII) and Premji Invest (through PI Opportunities Fund I Scheme II) have signed a Share Purchase agreement (SPA) to acquire 100% equity capital of Lotus Surgicals (‘Lotus’) from India Medical Consumables Holdings (a Samara Capital entity) and other shareholders. TII will acquire 67% while Premji Invest will acquire the balance 33% subject to completion of certain conditions precedent. Currently, Lotus is engaged in the business of wound closure products.
TII will invest up to Rs 233 crore and Premji Invest will invest up to Rs 115 crore to acquire equity shares from the existing shareholders of Lotus. The acquisition is the first step for TII and PI to initiate a Medtech Platform partnership. The platform aims to scale up through both organic growth and inorganic acquisitions. The platform draws inspiration from the vision of ‘Atmanirbhar Bharat’ and aspires to become a global platform to design, manufacture and distribute innovative world class medical products at affordable price points.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
