"Amulya Leasing & Finance (ALFL) is non-banking finance company and is into financing, sale and purchase of shares. The company was founded in 1985, based in New Delhi and it has recently dropped its NBFC status and acquired 50.96% stake in Apollo Pipes Ltd (a private Ltd company and have the same promoters). ALFL has been hiking its stake in the Apollo pipes since July 2014 when it acquired 16.47% stake in the company. Then in October, it acquired an additional 13.62% stake, taking its holding to 30.09%. In November 2014, it acquired an additional 20.87% stake taking its overall stake in 50.96% in Apollo Pipes. From Q3 FY15 Apollo pipes Pvt has been fully consolidated into ALFL (the whole acquisition will be a share swipe deal involving swapping of treasury shares of ALFL). Post acquisition ALFL will be renamed as Apollo Irrigation Systems Ltd (AISL). Based on the interaction with the management, the company has good growth prospect and value unlocking going ahead. We believe the acquisition will be positive for the company and will result in value unlocking of Apollo pipes Pvt Ltd. We are positive on the company going forward and expect the company to perform well in medium to long term", says BP Equities research report.
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