Atul acquires 72.94% stake in Osia Infrastructures; stock slips ~4%

4 Mar 2022 , 03:43 PM

Atul Ltd., in its regulatory filing, informed the exchanges and investors that Atul Bio Space Ltd (ABSL), Atul Finserv Ltd (AFL), and Atul Fin Resources Ltd (AFRL), companies’ wholly-owned subsidiaries have acquired 28,08,000 equity shares (72.94%) of Osia Infrastructures Limited (OIL), an associate company of the Company, from its other existing shareholders. Resultantly, OIL became a step-down wholly-owned subsidiary of the Company.

As per the valuation report from the registered valuer, the cost of acquisition is Rs2.68 crore. The company paid Rs9.54 per equity share of Rs10 each.

Earlier AFL and ABSL were holding 27.06% in OIL and the remaining equity shares were with other group companies. After this acquisition, the Company holds 100% equity shares of OIL through its above referred wholly-owned subsidiary companies.

OIL is engaged in the processing and production of Ready-Mix Concrete used for construction activities.

Atul Ltd. ended at Rs8,538, down by Rs316.30 or 3.57% against its previous closing price of Rs8,854.30. It touched the day’s high and low of Rs8,850 and Rs8500 respectively.