Nagpur Power and Industries Limited increases stake in subsidiary

Nagpur Power and Industries Limited had accepted the preferential offer to acquire 2,36,400 equity shares of "The Motwane Manufacturing Company Private Limited" (MMCPL), Subsidiary Company. The company has received a letter from the subsidiary Company dated 04 August 2022 stating that a total of 2,36,400 equity shares have been allotted to the Company. Thus, the Company's shareholding has increased from 80.88% to 87.28% in the subsidiary Company.

MMCPL is an R & D based company and has developed various high technology test and Measurement products which have applicability in the domestic and international markets. The company's products are sold primarily to the power sector and energy intensive industries. The company expects gradual pick up in its order book due to growth and reform in the distribution sector in which the company operates. Alternatively, it is exploring its potential in the IOT space in adjacent areas like smart lighting and other IOT related industrial solutions.

The purchase consideration for the shares acquired is Rs. 11,47,10,736/-. The acquisition price per shares is Rs. 485.24 (Face Value Rs. 100 and Premium Rs. 385.24 per share)

The turnover of the company for the financial year 2021-22, 2020-21 and 2019-20 were 2547.87, 2918.70 Lakhs and 3068.06 Lakhs respectively.

Shares of NAGPUR POWER & INDUSTRIES LTD. was last trading in BSE at Rs. 56.50 as compared to the previous close of Rs. 57.00. The total number of shares traded during the day was 2612 in over 60 trades.

The stock hit an intraday high of Rs. 58.15 and intraday low of 56.05. The net turnover during the day was Rs. 149157.00.

Source : Equity Bulls

Keywords

NAGPURPOWERandINDUSTRIES INE099E01016 MotwaneManufacturingCompany StakeIncrease