Suprajit Engineering moves up on signing agreement to acquire business of Stahlschmidt Cable Systems
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Suprajit Engineering is currently trading at Rs. 479.45, up by 3.00 points or 0.63% from its previous closing of Rs. 476.45 on the BSE.
The scrip opened at Rs. 485.75 and has touched a high and low of Rs. 490.30 and Rs. 478.00 respectively. So far 4178 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 496.40 on 06-Jun-2024 and a 52 week low of Rs. 353.25 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 496.40 and Rs. 398.10 respectively. The current market cap of the company is Rs. 6596.98 crore.
The promoters holding in the company stood at 44.61%, while Institutions and Non-Institutions held 22.30% and 33.09% respectively.
Suprajit Engineering has signed Share and Asset Purchase Agreement (SAPA) for the acquisition of the business of Stahlschmidt Cable Systems (SCS), out of insolvency proceedings in Germany. SCS is a well-known Light Duty Cable maker with a marquee customer base. SCS brings valuable low-cost manufacturing capabilities in Morocco, a strong German engineering and sales team, and China exports through Canada.
This acquisition comes with strong customer support and involves significant complexity including Asset/Equity purchases in Germany, Canada, China, Poland and Morocco – Requiring in some instances fresh contracts with customers, vendors, and employees. The completion is expected to be in two stages. The first stage (Germany, Poland and Morocco) is expected to close on July 1, 2024, subject to certain debt reduction, critical restructuring and other Condition Precedents (CPs). A few months later, the second stage (Canada and China) will also be completed, subject to certain restructuring CPs in Canada and China. The acquisition will be done through Suprajit USA Inc. Suprajit will be incorporating companies in Canada and China, in addition to recently setup Suprajit Germany GmbH to consummate this transaction.
Suprajit Engineering is engaged in the business of manufacturing and selling of automotive and other components and that are considered as single segment.
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