Carborundum Universal hits record high on strategic investment plan in PLUSS

CUMI will acquire a stake aggregating to about 72% in the enhanced share capital of PLUSS.

Aug 26, 2021 01:08 IST India Infoline News Service

Carborundum Universal
Carborundum Universal Limited (CUMI) has agreed to make a strategic investment in PLUSS Advanced Technologies Private Limited. The Investment is proposed to be made by acquiring the equity shares of PLUSS from the existing shareholders including Promoters as well as subscribing to additional equity capital in PLUSS.

In this regard, CUMI has today entered into a Shareholders Subscription Agreement with PLUSS and its existing promoters as well as Share Purchase Agreements with its existing shareholders including Tata Capital Innovations Fund, a Venture Capital Fund of Tata Capital, a financial investor in the Company envisaging an acquisition of stake as below:
  • Share Purchase Agreements to acquire equity shares equivalent to 67.94% of the issued and paid-up equity share capital of PLUSS by October 31, 2021 or such other date as may be mutually agreed by the parties.
  • Shareholders' Agreement to regulate the rights & obligations of the shareholders inter-se and for the internal management of PLUSS. The said Shareholders' Agreement, interalia, envisages subscription to the equity shares equivalent to 12.53% of an enhanced issued and paid-up share capital of PLUSS by October 31, 2021. Consequently, CUMI will acquire stake aggregating to about 72% in the enhanced share capital of PLUSS.
At around 1.24 pm, Carborundum Universal Ltd was trading at Rs760.75 per piece up by Rs22.95 or 3.11% from its previous closing of Rs737.80 per piece on the BSE. The scrip opened at Rs749 and has touched a 52-week high of Rs774.80 per piece on Thursday. 

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