Prince Pipes shares up 2% on acquiring bathware brand 'Aquel'

Shares of Prince Pipes and Fittings gained 2 percent in early trade on March 21 after the company entered into an asset purchase agreement with Klaus Waren Fixtures Private Limited and NM Shah for the purchase of assets.

At 9:20am, Prince Pipes & Fittings was quoting Rs 539.80, up Rs 9.95, or 1.88 percent, on the BSE.

"The board of directors of Prince Pipes and Fittings on March 20 approved the acquisition of certain assets, including the 'Aquel' brand (along with all the relevant intellectual property), land, buildings and miscellaneous civil structures, plant and machinery, dies, tools and fixtures, and other office equipment, in two tranches, for an aggregate consideration of not more Rs 55 crore vide an asset purchase agreement with Klaus Waren Fixtures Private Limited and Narshi Mulji Shah," an exchange filing said.

The acquisition of the 'Aquel' brand (including all its intellectual property rights) along with other assets will help the company in setting up an inhouse manufacturing facility resulting in building greater value in Bathware segment, company said.