21-06-2024 04:20 PM | Source: Accord Fintech
Kirloskar Pneumatic surges on inking MoU to acquire majority stake in Systems & Components India

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Kirloskar Pneumatic Company is currently trading at Rs. 1339.10, up by 48.25 points or 3.74% from its previous closing of Rs. 1290.85 on the BSE.

The scrip opened at Rs. 1300.90 and has touched a high and low of Rs. 1350.00 and Rs. 1300.90 respectively. So far 11451 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1421.00 on 13-Jun-2024 and a 52 week low of Rs. 541.95 on 03-Nov-2023.

Last one week high and low of the scrip stood at Rs. 1406.35 and Rs. 1264.15 respectively. The current market cap of the company is Rs. 8624.13 crore.

The promoters holding in the company stood at 38.92%, while Institutions and Non-Institutions held 33.87% and 27.21% respectively.

Kirloskar Pneumatic Company has entered into a memorandum of understanding (MoU) to acquire a majority stake (above 51%) in M/s. Systems & Components India (S&C). S&C has been in the industrial refrigeration business for over 30 years, with more than 700 installations across India in the dairy, pharmaceutical, chemical and fertilizer industries. Their manufacturing plant is located at Village Patgaon, near Murbad, Maharashtra. 

The acquisition of this stake will empower Kirloskar Pneumatic Company to scale up its business and expand into adjacent segments related to its current operations. The transaction is expected to be consummated within the next three months, subject to Due Diligence and closing adjustments.

Kirloskar Pneumatic Company established in 1958 is India’s leading name in Compressed Air, Air-conditioning & Refrigeration and Hydraulic Power Transmission. The company is now a part of Kirloskar group.