Zuari Global Limited has acquired around 48.98% (approx) shares of Forte Furniture Products India Private Limited (FFPL) from Indian Furniture Products Limited ("IFPL"), subsidiary of the Company.
IFPL being a subsidiary of the Company, as such the promoters also have an indirect interest in the entity acquired and IFPL being related party the transaction falls under the related party transaction.
The cost of acquisition is Rs. 13,85,72,000/- (Rupees Thirteen Crores Eighty Five Lakhs and Seventy Two Thousand only), for 1,37,20,000 (One Crore Thirty Seven Lakhs and Twenty Thousand) equity shares of face value of Rs. 10/- each in the paid up share capital of FFPL.
FFPL was incorporated on February 1, 2017 in Chennai, India as 50:50 joint venture Company between Indian Furniture Products Limited and Fabryki Mebli "Forte" S.A., Poland with the object of doing business of manufacture and sale of furniture across India. The Company has turnover of Rs. 5084.23 lakhs for the period ended 31st March 2018 being first year of operations.
Shares of ZUARI GLOBAL LTD. was last trading in BSE at Rs.114 as compared to the previous close of Rs. 113.65. The total number of shares traded during the day was 452 in over 16 trades.
The stock hit an intraday high of Rs. 114.9 and intraday low of 113.1. The net turnover during the day was Rs. 51603.