NIBE to acquire 100% stake in Indigenous Casting Technology; stock slips ~2%

12 Dec 2022 , 11:43 AM

NIBE Limited informed that the company has signed a definitive agreement on December 09, 2022, to acquire the 100% stake in Indigenous Casting Technology Private Limited.

The company stated that a 50% stake is to be acquired immediately post execution of the share purchase agreement and the balance 50% on receipt of NOC from MIDC at a total cash consideration of Rs 1 crore along with its all assets and liabilities as on date.

Indigenous Casting has land admeasuring 7 Acres with factory shade in Pune, allotted by Maharashtra Industrial Development Corporation (MIDC) and inter se rights and obligations and other matters in connection therewith.

At around 11.40 AM, NIBE was trading at Rs285.30, up by 2.06% against previous close of Rs291.30 on BSE. The counter hit intraday high and low of Rs300 and Rs278 respectively.

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