Introduction:
Non-material wholly owned subsidiary has signed a Sale and Purchase Agreement to divest its entire stake in Bioeq Energy Holdings One, Cayman Islands. The transaction involves several associated companies ceasing to be step-down subsidiaries or associates.
Share price movement of ISGEC:
On December 10, 2024, ISGEC Heavy Engineering Ltd opened at ₹1,548.00, up 1.66% from its previous close of ₹1,522.80. The stock reached a high of ₹1,677.25 and a low of ₹1,546.85. By 12:15 PM, it traded at ₹1,571.75, a 3.21% increase, with a market cap of ₹11,557 crore.
ISGEC divests subsidiary stake:
Isgec Investments Pte. Ltd., a non-material wholly owned subsidiary, signed a Sale and Purchase Agreement (SPA) with Triumph Excel Limited to divest its entire stake in Bioeq Energy Holdings One, Cayman Islands.
As a result of this transaction, Bioeq Energy Holdings One and its associated subsidiaries, including Bioeq Energy Pte. Ltd., Bioeq Energy B.V., and several companies in the Philippines, will cease to be step-down subsidiaries or associate companies of Isgec Heavy Engineering Limited.
The transaction is subject to the fulfillment of certain conditions outlined in the SPA and Master Transfer Agreement, along with consent from lender banks. Once completed, Isgec Investments Pte. Ltd. will remain a wholly owned subsidiary of Isgec Heavy Engineering Limited.
Stock performance of ISGEC for Period of 1 week, 6 months and 1 year:
ISGEC Heavy Engineering Ltd has shown strong performance with a 3.44% return over the past week, 23.7% over the last 6 months, and an impressive 64.4% return over the past year, indicating consistent growth and market confidence.
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Shareholding pattern of lsgec:
| All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 62.40% | 62.40% | 62.40% |
| FII | 3.90% | 3.80% | 3.50% |
| DII | 11.30% | 8.80% | 8.80% |
| Public | 22.40% | 24.90% | 25.20% |
About ISGEC:
ISGEC Heavy Engineering (NSE: ISGEC) is a diversified engineering company specializing in manufacturing process plant equipment, presses, iron & steel castings, and undertaking turnkey projects for industries like power, sugar, and distilleries. It also produces sugar and by-products.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
