UCAL gains on getting nod for acquisition of up to 49% stake of Avironix
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UCAL is currently trading at Rs. 158.50, up by 0.75 points or 0.48% from its previous closing of Rs. 157.75 on the BSE.
The scrip opened at Rs. 160.00 and has touched a high and low of Rs. 161.65 and Rs. 158.35 respectively. So far 11327 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 185.00 on 07-Feb-2024 and a 52 week low of Rs. 105.70 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 181.00 and Rs. 153.35 respectively. The current market cap of the company is Rs. 352.27 crore.
The promoters holding in the company stood at 70.28%, while Institutions and Non-Institutions held 0.01% and 29.71% respectively.
UCAL has received an approval for acquisition up to 49% of the equity share capital of Avironix (Target Company). The Board of Directors of the Company at their meeting held on February 14, 2024, has approved the same.
The decision to invest in Avironix, a specialized drone company, aligns with its goal to diversify and capitalize on emerging opportunities. The cost of acquisition is Rs 85,750 and it is expected to complete on or before February 28, 2024.
Ucal is in the business of providing holistic solutions in fuel management systems and is committed to producing products of consistent quality and timely delivery.
