Tube Investments of India to acquire 76% stake in Moshine Electronics

22 Jul 2022 , 09:37 AM

Tube Investments India Limited informed that it entered into a Share Purchase and Shareholder’s agreement for the acquisition of a 76% stake in the equity share capital of Moshine Electronics Private Limited.

The acquisition will be through the purchase of equity shares from the promoter and other exiting shareholders of Moshine for a consideration of up to Rs8.64 crore.

Moshine is a company that produces and sells camera modules for mobile phones.

The acquisition is conditional on the satisfactory completion of the condition precedent set forth in the aforementioned definitive agreement.

TIL's proposed acquisition is consistent with the company's intention to diversify its product and business portfolio in order to reduce its reliance on existing revenue streams.

The acquisition is expected to be completed on or before September 30, 2022.

It costs up to Rs8.64 crore for the purchase of 20,66,628 equity shares from Moshine's promoter and other shareholders.

At around 9.35 AM, Tube Investments was trading at Rs2,195.35 per piece, up by 0.15% from its previous closing of Rs2,192.10 on the BSE. The scrip opened at Rs2,194.80 and has touched intraday high and low of Rs2,204.05 and Rs2,179.40 respectively.