Shares of TCI Express gained 2% on Wednesday as the company in its filing to the exchanges informed that it is in the process of acquiring the stake in Uketoru Co, Ltd, Japan.
"The company is in process of acquiring 7.7% stake for 20mn yen in Uketoru Co Ltd, which reported turnover of 13,65,635 yen in the year ended March 2018," the company said in a press note to the exchanges on Wednesday. Uketoru Co, Ltd, Japan is in ExpressB2Ctechnology business.
The acquisition does not fall within the related party transaction. The promoter/promoter group/ group companies have no' interest in the investee company, the company added.
TCI Express Ltd's share price is currently at Rs748.30 up by Rs15.55 or 2.12%, from its previous close of Rs732.75 on the BSE.
The scrip opened at Rs731.75 and has touched a high and low of Rs766.20 and Rs723.15, respectively. So far 53,030 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,807.21cr.