Apollo Pipes rises on acquiring majority controlling stake in Kisan Mouldings
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Apollo Pipes is currently trading at Rs. 654.05, up by 10.55 points or 1.64% from its previous closing of Rs. 643.50 on the BSE.
The scrip opened at Rs. 656.40 and has touched a high and low of Rs. 667.00 and Rs. 646.50 respectively. So far 2923 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 798.85 on 09-Feb-2024 and a 52 week low of Rs. 529.95 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 667.00 and Rs. 634.95 respectively. The current market cap of the company is Rs. 2573.90 crore.
The promoters holding in the company stood at 50.80%, while Institutions and Non-Institutions held 17.93% and 31.27% respectively.
Apollo Pipes has entered into definitive agreements and acquired a majority controlling stake in Kisan Mouldings (KML). Apollo Pipes’ strategic move to solidify its presence in the Pipes and Fitting Industry in India.
Under the transaction, Apollo has secured its position through preferential issue allotment of 6,40,00,000 equity shares, at an issue price of Rs 18.50 per share, having face value of Rs 10 each. This strategic investment marks a pivotal moment for both Apollo and KML, showcasing a convergence of industry giants poised to redefine standards and drive unparalleled growth. Total investment for this strategic acquisition is Rs 118.40 crore.
The acquisition aligns seamlessly with Apollo's overarching strategy to fortify its foothold as a premier manufacturer in the Plastic Pipe Industry within India. By integrating KML into its portfolio, Apollo aims to expand its legacy while unlocking synergistic benefits that promise greater market penetration and entry into new end-user segments. Additionally, the acquisition will facilitate Apollo's geographical expansion, particularly in the Western and Central regions, further leveraging the esteemed ‘KML’ network for accelerated growth.
Apollo Pipes is engaged in the manufacturing and trading of PVC Pipes and Fittings. The company is headquartered in Delhi and among the market leader in piping and related products segment under brand name of APL Apollo.
