Uravi T And Wedge Lamps rises on planning to acquire up to 55% stake in SKL (India)
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Uravi T And Wedge Lamps is currently trading at Rs. 600.00, up by 12.05 points or 2.05% from its previous closing of Rs. 587.95 on the BSE.
The scrip opened at Rs. 595.90 and has touched a high and low of Rs. 600.00 and Rs. 585.00 respectively. So far 1118 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 620.00 on 19-Jun-2024 and a 52 week low of Rs. 228.10 on 27-Sep-2023.
Last one week high and low of the scrip stood at Rs. 620.00 and Rs. 576.25 respectively. The current market cap of the company is Rs. 660.00 crore.
The promoters holding in the company stood at 72.73%, while Non-Institutions held 27.27% stake in the company.
Uravi T And Wedge Lamps is planning to acquire up to 55% of the shares of SKL (India) through a secondary acquisition, in one or more tranches. The total consideration for this acquisition is up to Rs 20.1 crore, which will be paid to the existing promoters of SKL (India) (the Sellers). In the first tranche, the company will acquire up to 43.91% stake, followed by an additional 6.1% in the second tranche. The remaining stake may be acquired in subsequent tranches. This strategic move is aimed at strengthening the company's market position and expanding its footprint in the industry.
SKL (India) is engaged in design and manufacturing of Power Systems, Associated Equipments and Special Purpose Defense Equipments. With this strategic acquisition, Uravi will be venturing into Defense Sector. SKL India is an established player in its industry which is available for acquisition at a reasonable valuation. This acquisition aligns with the company's long-term growth strategy and commitment to delivering enhanced value to its stakeholders.
Uravi T & Wedge Lamps is the leading manufacturer and supplier of incandescent and wedge -based automotive lamps. The company takes pride in being the largest manufacturers of automotive lamps for instrument clusters in India, as well as the second - largest in the automotive signalling and parking lamps segment for OEMs.
