Shares of Craftsman Automation snapped a three-day losing run and rose over 10 percent on June 25 after the company signed a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital Fund II LLP to potentially acquire all or part of Sunbeam's business.
At 10.27 AM shares of Craftsman were up 10 percent at Rs 5,308. The stock has gained 33 percent in the past year, outperforming the Nifty which gained 26 percent during the same period.
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Craftsman informed the exchanges of this MoU on June 24 saying that the acquisition excludes certain specific assets located in Gurugram. The transaction may be completed in multiple phases, said Craftsman.
The completion of this proposed acquisition is subject to several conditions, including the completion of due diligence, final approval from Craftsman Automation's Board of Directors, and the execution of definitive agreements. Additionally, other customary conditions required by law must be fulfilled.
Craftsman Automation will provide a detailed disclosure as per the regulatory requirements once the necessary agreements have been executed.
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