Jubilant Ingrevia unit picks up 6.67% stake in Forum I Aviation

31 Dec 2024 , 12:02 PM

Jubilant Ingrevia Ltd stated Monday (December 30) that its wholly-owned subsidiary Jubilant Infrastructure Ltd has acquired an additional 6.67% equity investment in Forum I Aviation Private Ltd (FAPL) from Hero Fincorp Ltd and Sunil Kant Munjal.

This is to inform you that Jubilant Infrastructure Limited (“JIL”), the company’s wholly owned subsidiary, approved the purchase of a 6.67% equity share in Forum I Aviation Private Limited (FAPL) from Hero Fincorp Limited & Sunil Kant Munjal at its Board Meeting today,” Jubilant Ingrevia stated in a regulatory filing.

This purchase brings JIL’s overall holding in FAPL to 15.79%. Forum I Aviation, established on December 28, 2004, flies aircraft on a charter basis under a Non-Scheduled Airlines Permit provided by India’s Ministry of Civil Aviation. In FY 2023-24, the company recorded a revenue of ₹27.32 Crore.

The transaction, valued at ₹10.29 per share, matches Jubilant Infrastructure’s strategic goals to serve business needs. The transaction is expected to be completed within the current fiscal year and will be carried out through cash consideration.

At around 9.43 AM, Jubilant Ingrevia was trading 1.67% higher at ₹824.20, against the previous close of ₹810.65 on NSE. The counter touched an intraday high and low of ₹833.95, and ₹811, respectively.

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