Symphony board to purchase remaining 5% stake in Australia-led Symphony AU subsidiary

27 Jul 2022 , 12:49 PM

Symphony Limited has informed that the Board of Directors at its meeting held on July 26,2022, have inter-alia approved purchase of 920,000 ordinary s PM, hares of Symphony AU Pty Limited (representing 5% of share capital) from its existing shareholder thereby making Symphony AU Pty Limited a wholly owned subsidiary of the Company for a pre decided consideration of 45800,000 (equivalent to Rupees Four Crores Forty Five Lacs only). 

The newly owned subsidiary is a SPV Company formed for the purpose of acquisition of CTPL which is in the business of air coolers and heaters in Australia and USA.

Further, the object of acquisition is to convert SAPL into a wholly owned subsidiary by acquiring remaining 5% shares from the existing shareholder at a pre-decided time and price, the company said.

At around 12:49 PM, Symphony was trading at Rs947.50 per share down by Rs12.6 or 1.31% from its previous closing of Rs960.10 per share on the BSE.