Zuari Global buys additional stake in Forte Furniture; stock hits 5% upper circuit

The cost of acquisition is Rs13.69cr and the acquisition is proposed to be completed within 60 days from the date of execution.

Jul 08, 2021 11:07 IST India Infoline News Service

Stock Market
Zuari Global has acquired a 13.19% stake in Forte Furniture Products India from India Furniture Products, a subsidiary of the company as part of a restructuring.

The company said in the filing that it already holds a 35.79% stake in Forte Furniture Products India (FFPL). With this transaction, the company has increased its stake by 13.19% in FFPL.

Indian Furniture Products (FFPL) being a subsidiary of Zuari Global, the transaction falls under the related party.

The cost of acquisition is Rs13.69cr and the acquisition is proposed to be completed within 60 days from the date of execution. The intent of acquisition is the restructuring of FFPL, Zuari Global said in the filing.

FFPL, incorporated in Tamil Nadu is engaged in the business of manufacturing of ready to assemble furniture. The company is a joint venture between Fabryki Mebli S.A, Poland and Zuari Global, the company added.

The stock is currently trading at Rs149.40 up by Rs7.1 or 4.99% from its previous closing of Rs142.30 on the BSE.

The scrip opened at Rs142.30 and has touched a high and low of Rs149.40 and Rs142.30 respectively.

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