Marsons share price surged nearly 8 per cent in the early trade on Friday after the company announced that it is in final stage of discussion for taking over a considerable stake in a Dubai based LLC Trading Company for amount of $5 million dollars.
Marsons share price surged nearly 8 per cent in the early trade on Friday after the company announced that it is in final stage of discussion for taking over a considerable stake in a Dubai based LLC Trading Company for amount of $5 million dollars. The Dubai based trading company is having a strong presence in the Middle East and GCG region which will benefit Marsons to explore the lucrative market of the region. The said trading company is quite active in Iraq which is a highly potential market for transformers. Hence with the acquisition of considerable stake in the Dubai based trading company, Marsons will benefit immensely.
At 10.59 am, shares of Marsons were trading 7.06 per cent up at Rs 14.75. The scrip opened the day at Rs 13.94 and has touched a high and low of Rs 14.80 and Rs 13.10, respectively, in trade so far. Sensex was down 226.70 points, or 0.88 per cent, at 25,563.52.
Marsons is also planning to set up a manufacturing base in UAE region with the help of the Dubai based trading company wherein Marsons will hold a considerable stake post the acquisition.
Marsons has already started the due diligence process internally and very shortly are going to appoint a local Chartered Firm for completing the due diligence process enabling us to complete the acquisition of the said Dubai base LLC trading company.
The BSE group ‘XD’ stock of face value Rs 10 has touched a 52 week high of Rs 14.70 on 13-May-2016 and a 52 week low of Rs 3.25 on 02-Sep-2015.
The promoters holding in the company stood at 37.01 per cent while non-institutions held 62.99 per cent stake in the company.
Marsons is one of the oldest and most reputed manufacturers of transformers in India with an infrastructure to supply transformers up to 160 MVA/220 kV class. Having supplied over 200,000 power transformers over the last six decades, Marsons is the largest transformer manufacturer in Eastern and North Eastern India.
Marson to buy stake in Dubai firm for $5 mn