Mahindra CIE to buy outstanding shares of Aurangabad Electricals; stock up ~1%

This acquisition helps the company to enter the aluminum die casting technology space.

Mar 12, 2019 07:03 IST India Infoline News Service

Annual General Meeting, AGM
Shares of Mahindra CIE Automotive gained in the afternoon session in today’s trade. The company’s board has approved the acquisition of 100% of the issued and outstanding share capital of Aurangabad Electricals for an enterprise value of Rs875.6cr, which includes a future deferred payment estimated upto Rs62.2cr, as per BSE filing.

This acquisition helps the company to enter the aluminum die casting technology space.

The company expects to complete the acquisition by April 10, the company added.

Mahindra CIE Automotive Ltd is currently trading at Rs240.60 up by Rs1.2 or 0.5% from its previous closing of Rs239.40 on the BSE. The scrip opened at Rs241.60 and has touched a high and low of Rs246.80 and Rs236.05 respectively.

The BSE group 'A' stock of face value Rs10 has touched a 52-week high of Rs301.80 on September 11, 2018, and a 52-week low of Rs204 on March 26, 2018. Last one week high and low of the scrip stood at Rs245.65 and Rs237.05 respectively.

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