Remsons completes acquisition of Magal Cables Ltd in UK:

Remsons Industries Ltd. ("Remsons"), a leading automotive components manufacturer, completed acquisition of the business of Magal Cables Ltd ("MCL"), UK, part of Arlington Group-Engineering Systems. The Cost of acquisition including working capital is GBP 3.5 million pounds. The entire transaction has been funded by a mix of internal accruals and debt without any equity dilution in Remsons. This acquisition is a step towards forward integration to create value for all the stakeholders.

Remsons and the administrators of Arlington Group have completed the acquisition on 21 October 2020. The acquisition has been done through the newly incorporated wholly owned subsidiary Remsons Holdings Ltd. (Incorporated in the United Kingdom).

Shares of REMSONS INDUSTRIES LTD. was last trading in BSE at Rs.83.4 as compared to the previous close of Rs. 78.45. The total number of shares traded during the day was 209 in over 4 trades.

The stock hit an intraday high of Rs. 83.4 and intraday low of 80. The net turnover during the day was Rs. 17082.

Source : Equity Bulls

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