Astral jumps after board approves acquisition additional 15% stake in British subsidiary

15 Sep 2022 , 12:20 PM

In INR terms, the cash consideration is equivalent to approximately Rs 48 crore. The company has also executed share purchase agreement today for the said purchase of additional shares. With this acquisition, the total equity stake of the company in Seal IT Services, UK, has increased from 80% to 95%. Seal IT Services had recorded sales of GBP 32.66 million and an EBIDTA of GBP 4.65 million in FY 2021-22. Separately, Astral informed that CARE Ratings has upgraded its rating on the long-term bank facilities to CARE AA+ /Stable? from ?CARE AA /Stable?. The rating agency has also reaffirmed its rating on the short-term bank facilities of the company at ?CARE A1+?. Astral is engaged in the business of manufacturing and trading of pipes, fittings and adhesive solutions. The companys consolidated net profit rose 20.3% to Rs 88.90 crore on a 73.1% rise in net sales to Rs 1,212.90 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News