Mr. Abhishek Gami, promoter of United Wolfram, acquires controlling stake in Rapicut Carbides Limited at a deal value of INR 75.32 million. Mr. Abhishek Gami acquired 33.39% stake through a combination of share purchase agreement from the existing promoter group of the Rapicut Carbides Limited and open offer mechanism.
Rapicut Carbides Limited, incorporated in April 1977 in Ankleshwar, Gujarat is engaged in the business of manufacturing of Tungsten Carbide Tips, Inserts and other Carbide products from ore stage. Rapicut is listed on BSE Limited since 1979.
Mr. Abhishek Gami is the Managing Partner of M/s. United Wolfram, with core experience in manufacturing and dealing of metal powders, tools and intermediates of tungsten and related products. With this acquisition, United Wolfram Group has expanded business through forward integration. Pantomath Capital Advisors Private Limited acted as the sole investment banker to the acquirer and also as the manager to the open offer under SEBI Takeover Code.
Shares of RAPICUT CARBIDES LTD. was last trading in BSE at Rs.39.05 as compared to the previous close of Rs. 40.5. The total number of shares traded during the day was 215 in over 7 trades.
The stock hit an intraday high of Rs. 39.05 and intraday low of 39.05. The net turnover during the day was Rs. 8395.