Somany Ceramics infuses Rs2.50 crore in SR Continental; stock jumps 1%

29 Mar 2022 , 10:31 AM

Somany Ceramics has informed the investors that out of the approved investment of Rs9.50 crore, the company has invested Rs2.50 crore in M/s SR Continental Limited and has acquired 25,00,000 equity shares of Rs10 each at par on March 28, 2022, by way of right issue.

Earlier in December 2021, the company’s board has approved an investment upto an amount not exceeding Rs9.50 crore in the company’s wholly-owned subsidiary M/s SR Continental Limited, by way of subscription of equity shares.

SR Continental Limited is a wholly-owned subsidiary of the company with an annual turnover of Rs39.66 lakh.  Prior to this acquisition, the company’s share capital was Rs18,50,000. The company deals in Tiles, sanitaryware, faucets, and other allied products.

Somany Ceramics is currently trading at Rs645 up by Rs8.35 or 1.31% from its previous closing of Rs636.65 on the BSE. The scrip opened at Rs643.90 and has touched a high and low of Rs651 and Rs640.70 respectively.