Tube Investments of India rises as its arm acquires 23.69% stake in M/s IPLTech Electric
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Tube Investments of India is currently trading at Rs. 3712.05, up by 12.70 points or 0.34% from its previous closing of Rs. 3699.35 on the BSE.
The scrip opened at Rs. 3690.05 and has touched a high and low of Rs. 3764.00 and Rs. 3541.00 respectively. So far 2985 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 4159.50 on 10-May-2024 and a 52 week low of Rs. 2729.10 on 17-Aug-2023.
Last one week high and low of the scrip stood at Rs. 3865.00 and Rs. 3541.00 respectively. The current market cap of the company is Rs. 72283.39 crore.
The promoters holding in the company stood at 45.10%, while Institutions and Non-Institutions held 43.57% and 11.33% respectively.
Tube Investments of India’s subsidiary – TI Clean Mobility (TICMPL) has acquired 5,024 equity shares of M/s IPLTech Electric (IPLT), representing 23.69% of the share capital of IPLT for an aggregate consideration of about Rs 185 crore. Consequent to the acquisition, TICMPL's shareholding in IPLT has increased from 65.77% to 89.46%.
The investment is part of TICMPL's plan to consolidate its holding in the electric truck business. The acquisition has been completed on May 30, 2024.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
