Tube Investments of India shines as its arm enters into agreements to acquire 65.2% stake in IPLT

Tube Investments of India is currently trading at Rs. 2097.80, up by 87.30 points or 4.34% from its previous closing of Rs. 2010.50 on the BSE.

Tube Investments
Tube Investments

The scrip opened at Rs. 2030.00 and has touched a high and low of Rs. 2118.60 and Rs. 2029.95 respectively. So far 8237 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 2,118.60 on 19-Jul-2022 and a 52 week low of Rs. 1064.50 on 20-Jul-2021.

Last one week high and low of the scrip stood at Rs. 2118.60 and Rs. 1960.00 respectively. The current market cap of the company is Rs. 39784.04 crore.

The promoters holding in the company stood at 46.46%, while Institutions and Non-Institutions held 40.40% and 13.13% respectively.

Tube Investments of India’s wholly owned subsidiary — Tl Clean Mobility (TICMPL) has entered into definitive agreements for acquisition of 65.2% in the equity share capital of IPLTech Electric (IPLT), through a combination of purchase of equity shares from the founders and other existing shareholders of IPLT and by way of subscription to fresh equity shares, for an aggregate consideration of up to Rs 246 crore.

IPLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles. The aforesaid acquisition is subject to the satisfactory completion of the conditions precedents as contained in the aforesaid definitive agreements entered into.

The acquisition is expected to be completed on or before October 31, 2022, subject to satisfactory completion of the Conditions Precedents as contained in the Agreements executed between the parties.

Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.

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