JK Tyre to acquire Laksar (Haridwar) Tyre Unit of Kesoram Industries

The Board of Directors of JK Tyre & Industries Ltd at its meeting held on September 12, 2015, has approved the acquisition of Cavendish Industries Limited ("Cavendish") from its existing shareholders, namely Kesoram Industries Limited ("Kesoram"). The mentioned investment will be funded out of internal accruals.

Further, the Company will hold the largest shareholding block and shall have substantial management control of Cavendish, with an option to place upto 55% with its Associates/Group Companies.

Shares of JK TYRE & INDUSTRIES LTD. was last trading in BSE at Rs.108.45 as compared to the previous close of Rs. 106.25. The total number of shares traded during the day was 796142 in over 6765 trades.

The stock hit an intraday high of Rs. 111.1 and intraday low of 107.45. The net turnover during the day was Rs. 87154253.

Shares of KESORAM INDUSTRIES LTD. was last trading in BSE at Rs.102.4 as compared to the previous close of Rs. 95.75. The total number of shares traded during the day was 1179738 in over 9993 trades.

The stock hit an intraday high of Rs. 105 and intraday low of 98.1. The net turnover during the day was Rs. 120372571.

Source : Equity Bulls

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