Power & Instrumentation (Gujarat) touches the roof on planning to acquire controlling stake in PECL
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Power & Instrumentation (Gujarat) is currently trading at its upper limit of Rs. 117.35, up by 2.30 points or 2.00% from its previous closing of Rs. 115.05 on the BSE.
The scrip opened at Rs. 117.35 and has touched a high and low of Rs. 117.35 and Rs. 117.35 respectively. So far 33151 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 117.35 on 02-Aug-2024 and a 52 week low of Rs. 36.53 on 13-Sep-2023.
Last one week high and low of the scrip stood at Rs. 117.35 and Rs. 105.33 respectively. The current market cap of the company is Rs. 148.26 crore.
The promoters holding in the company stood at 52.09%, while Non-Institutions held 47.91% stake in the company.
Power & Instrumentation (Gujarat) has planned to acquire controlling stake in Peaton Electricals Company (PECL) to make the said Company as subsidiary. This further acquisition will be based on the valuation of PECL and the consideration will be discharged by the Company in terms of the share purchase agreement to be executed.
The acquisition is of strategic nature facilitating the company of backward integration of its business with growth in revenue and margin. The Company already holds 15.23% stake of the Target Company and it will further acquire additional stake to increase it’s shareholding in the Target Company upto 60%. The acquisition of shares is likely to be completed within 18 months.
Power & Instrumentation (Gujarat) is engaged in providing a wide range of contracting based services in the field of Electrical, Mechanical and Instrumentation Engineering. The company has been providing the clients with complete turnkey solutions from concept to commissioning which includes design, procurement, installation, testing & commissioning and maintenance of the system.
