Yuken India gets nod to enter into an agreement with Grotek Enterprises

India Infoline News Service | Mumbai | September 22, 2016 13:57 IST

The stock is currently trading at Rs. 370, up by Rs. 21.55 or 6.18% from its previous closing of Rs. 348.45 on the BSE.

Yuken India Ltd has informed BSE that the Board of Directors of the Company has approved the proposal to enter into an agreement with Grotek Enterprises Private Limited, Bangalore, which is going to be a 100% subsidiary of Yuken India limited, for divesting the Company’s foundries business (undertaking) operated at Mahadevapura, Bangalore and Malur, Kolar District on slump sale basis, effective October 1, 2016.

The transaction is pursuant to section 180(1)(a) of the Companies Act, 2013, and is subject to the approval of shareholders and other regulatory bodies as applicable.

The value of the transaction will be determined based on the Due Diligence and the valuation of the business undertaking by the consultants and advisors appointed for the said purpose.

The stock is currently trading at Rs. 370, up by Rs. 21.55 or 6.18% from its previous closing of Rs. 348.45 on the BSE.

The scrip opened at Rs. 394 and has touched a high and low of Rs. 394 and Rs. 367.5 respectively. So far 4293(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 104.54 crore.

The BSE group 'XC' stock of face value Rs. 10 has touched a 52 week high of Rs. 536.1 on 08-Dec-2015 and a 52 week low of Rs. 245 on 15-Oct-2015. Last one week high and low of the scrip stood at Rs. 358 and Rs. 316 respectively.

The promoters holding in the company stood at 52.5 % while Institutions and Non-Institutions held 0.05 % and 47.45 % respectively.

The stock is currently trading above its 200 DMA.

***Note: This is a BSE Chart

 

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