Veljan Denison shoots up ~13% on acquisition of 100% stake in Adan Holdings

7 Jul 2022 , 10:03 AM

Veljan DenIson Limited informed that it has signed a share purchase agreement on July 6, 2022, to acquire 100% shareholding in Adan Holding Limited.

At around 9.55 AM, Veljan’s counter was trading 12.88% higher at Rs1,199 against its previous close of Rs1,062.15 on BSE.

The company informed that the cost of said acquisition is Euro 14,00,000 (approx. Rs112.87 crore). The 100% consideration for this acquisition will be payable in cash.

It will complete the 100% acquisition of shares by August 2022.

Adan Holdings owns stock in other hydraulics and engineering firms in the United Kingdom. This acquisition will help elevate the company’s market position in Europe.

This acquisition does not fall under related party transactions and the promoter/ promoter group/group companies/Directors have no personal interest in the entity being acquired.

In the financial year ended May 2021, Adan Holding reported a turnover of Euro 124,400.