HIL rises on receiving approval to acquire 100% equity share capital of Crestia Polytech along with four other entities
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HIL is currently trading at Rs. 2762.00, up by 62.10 points or 2.30% from its previous closing of Rs. 2699.90 on the BSE.
The scrip opened at Rs. 2742.05 and has touched a high and low of Rs. 2810.00 and Rs. 2742.05 respectively. So far 891 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 3284.00 on 20-Jun-2023 and a 52 week low of Rs. 2202.10 on 16-Mar-2023.
Last one week high and low of the scrip stood at Rs. 2816.50 and Rs. 2678.85 respectively. The current market cap of the company is Rs. 2082.61 crore.
The promoters holding in the company stood at 40.57%, while Institutions and Non-Institutions held 9.84% and 49.58% respectively.
HIL has received approval to acquire 100% equity share capital of Crestia Polytech along with four other entities, namely, Topline Industries, Aditya Polytechnic, Sainath Polymers and Aditya Industries at an aggregate enterprise value of Rs 265 crore on cash free and debt free basis to strengthen Company’s Pipes and Fittings business in Eastern India.
With the proposed acquisition, HIL will have additional capacity of around 83,500 MTPA in East India to cater the eastern states of India and customer access along with government approvals to HIL in relevant products and geographic segments. The acquisition offers an attractive geographical advantage with growth potential, logistics advantage and upcoming manufacturing hub. This will help HIL to enter into new product segments including HDPE pipes and fittings, electro fusion fittings and water tanks.
HIL offers comprehensive building solutions. The company has achieved market leadership by developing and marketing advanced, high quality, innovative, more sustainable products for the building materials industry.
