The Board of Directors of ABans Enterprises Ltd in their meeting held today have considered and approved acquiring Abans Jewels Private Limited, a entity owned by our Promoter and Managing Director, Mr. Abhishek Bansal and Non - Executive Director, Mrs. Shriyam Bansal.
The aforesaid investment has potential synergies with trading activities of the Company and We expect growth in the business of target entity and value creation from this investment.
The cost of acquisition is Rs. 16.20/- per equity share aggregating to total consideration of Rs. 5,67,00,000/- for acquiring target entity.
Abans Jewels Private Limited reported annual turnover of Rs. 1561.94 Crores, Rs. 148.73 Crores, Rs. 178.99 Crores and PAT of Rs. 1.40 Crores, Rs. 0.61 Crores, Rs. 0.55 Crores during FY 17-18, FY 16-17, FY 15-16 respectively.
Shares of ABans Enterprises Ltd was last trading in BSE at Rs.38.5 as compared to the previous close of Rs. 37.95. The total number of shares traded during the day was 776 in over 18 trades.
The stock hit an intraday high of Rs. 39 and intraday low of 36.2. The net turnover during the day was Rs. 28943.