CG Power surges on inking pact to acquire 55% stake in G.G.Tronics India
CG Power and Industrial Solutions is currently trading at Rs. 715.95, up by 19.65 points or 2.82% from its previous closing of Rs. 696.30 on the BSE.
The scrip opened at Rs. 700.75 and has touched a high and low of Rs. 730.35 and Rs. 699.00 respectively. So far 110672 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 783.60 on 08-Jul-2024 and a 52 week low of Rs. 359.40 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 730.35 and Rs. 644.90 respectively. The current market cap of the company is Rs. 106418.32 crore.
The promoters holding in the company stood at 58.09%, while Institutions and Non-Institutions held 25.72% and 16.19% respectively.
CG Power and Industrial Solutions has entered into definitive agreements to acquire 55% stake in G.G.Tronics India (GGT) for an aggregate consideration of up to Rs 319.38 crore. This acquisition is in line with CG’s strategic intent to expand its Railway product portfolio by diversifying into closely related or adjacent areas poised for growth. The integration is anticipated to leverage synergies between the companies.
CG's extensive expertise in manufacturing, engineering, and project management, complemented by GGT's specialized knowledge in Railway Transport Safety, particularly in the Train Collision Avoidance System 'KAVACH,' and embedded systems will enable CG to actively pursue ‘KAVACH’ and other Rail Safety projects, in the areas of Electronic Signalling Sector through this vehicle.
CG Power and Industrial Solutions (formerly Crompton Greaves) is a global pioneering leader in the management and application of electrical energy.
