Apollo Pipes Ltd to acquire assets of Kisan Mouldings Ltd's plant in Tumkur

The meeting of Finance Committee of Board of Directors of Apollo Pipes Limited was held today i.e., July 18, 2019 at the corporate office of the Company at Plot No. 10. Commercial Area. Kaushambi. Ghaziabad. U.P-201010.

The committee at the meeting has approved the acquisition of assets alongwith the related properties. rights, benefits. etc. of one of the production unit of M/s Kisan Mouldings Limited. located at Plot No 172-3 & l73-A Village Nogenhalli. Kora Hubli. Tumkur Taluka. Kamataka, having production capacity of 9,000 MTPA. The proposed acquisition is subject to the successful completion of Due Diligence by the Company and valuations of the assets.

The acquisition will result in higher volumes, presence in new region, better competitive strength and reduced freight cost.

Shares of Apollo Pipes Ltd was last trading in BSE at Rs.398.9 as compared to the previous close of Rs. 398.55. The total number of shares traded during the day was 16209 in over 72 trades.

The stock hit an intraday high of Rs. 400 and intraday low of 393.4. The net turnover during the day was Rs. 6476230.

Source : Equity Bulls

Keywords