PG Electroplast Limited intimated the exchanges on Thursday about proposed acquisition of 100% stake in PG Technoplast Private Limited by the company.
The equity share capital of newly incorporated Technoplast is Rs2 lakh and it deals in consumer durables and electronics.
At around 10.38 AM, PG Electroplast Ltd was trading at Rs109.05 per piece up by Rs1.6 or 1.49% from its previous closing of Rs107.45 per piece on the BSE.
The company reasoned rationale behind the proposed acquisition. “To avail various special fiscal incentives and benefits under Industrial and other policies of Central and State Governments, the entity would become wholly owned subsidiary of PG Electroplast Limited,” company said.
The indicative time period for completion of the acquisition is within 30 working days. Cost of acquisition at face value of Rs10 aggregating Rs2 lakh.