PTC Industries share price added 3 percent intraday on October 21 after the company executed a share purchase agreement (SPA) for the acquisition of 100 percent stake of Trac Precision Solutions (TSPL).
At 09:37am, PTC Industries was quoting at Rs 13,344.05, up Rs 379.70, or 2.93 percent, on the BSE.
The company signed agreement with Rcapital Limited, Liam Marc Bevington, Kevin Andrew Mooney and Paul Brian Young on October 18, 2024 for the acquisition of Trac Precision Solutions, a private company registered in the United Kingdom, specialises in the business of designing and manufacturing precision engineered components for aviation, defence and power generation markets and has a presence in the United Kingdom.
In terms of SPA, TSPL is proposed to be acquired by acquiring 100 percent shareholding of its ultimate holding company, Trac Holdings.
Accordingly, four companies are being acquired, of which three companies, namely Trac Holdings, Broomco (4266) and Trac Group are non-operating and only Trac Precision Solutions is an operating company.
The transaction is pending approval from UK authorities under the National Security and Investment Act 2021 and is expected to be completed in cash within three months.
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Last month, the company has received a major production order from global defence and aerospace solutions provider BAE Systems for supplying titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), including Spade Trails and Blades and its wholly-owned subsidiary Aerolloy Technologies received an order from Israel Aerospace Industries (IAI) for the supply of Titanium cast components for Aerospace applications.
Also, the company raised Rs 700 crore via a qualified institutional placement (QIP) with 5.3 lakh equity shares issued at Rs 13,199.7 per share, a 5% discount to the floor price.
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