Shares of Manappuram Finance gained 2.2 percent intraday Tuesday as company is going to acquire 85.4 percent stake in Indian School Finance (ISFC).
The company board has authorized entering into securities purchase agreement in connection with the company’s acquisition of 85.39 percent of the share capital of Indian School Finance Company.
Indian School Finance Company is private limited company having its registered office at Hyderabad, Telangana.
The aggregate cost for said acquisition is Rs 212.20 crore and indicative time period for completion of the acquisition is 8 months.
At 14:31 hrs Manappuram Finance was quoting at Rs 99.95, up Rs 1.55, or 1.58 percent on the BSE.
The share touched its 52-week high Rs 130.45 and 52-week low Rs 81.50 on 09 May, 2018 and 11 August, 2017, respectively.
Currently, it is trading 23.38 percent below its 52-week high and 22.64 percent above its 52-week low.
Posted by Rakesh Patil
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