Essel Propack spurts 6%; to acquire 100% stake in Essel Deutschland Germany

India Infoline News Service | Mumbai | September 21, 201609:42 IST

The company will acquire 100% stake in Essel Deutschland Germany. Until now, Essel has been a JV partner with 24.9% share in EDG.

Essel Propack Ltd is currently trading at Rs. 235.05, up by Rs. 12.35 or 5.55% from its previous closing of Rs. 222.7 on the BSE. The company announced  a  complete  buyout  of Essel Deutschland Germany (EDG). Following this transaction, EDG will be a 100% subsidiary of Essel Prepack. Until now, Essel has been a JV partner with 24.9% share in EDG. The enterprise value of EDG stands at US$ 32 million.

The scrip opened at Rs. 242.35 and has touched a high and low of Rs. 245.2 and Rs. 234 respectively. So far 298505 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3498.62 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 233.1 on 25-Aug-2016 and a 52 week low of Rs. 132.5 on 20-Jan-2016. Last one week high and low of the scrip stood at Rs. 224.5 and Rs. 209 respectively.

The promoters holding in the company stood at 57.03 % while Institutions and Non-Institutions held 16.49 % and 26.48 % respectively.

The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart



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