Blue Star surges on plan to transfer PE&IS undertaking to BSEML for Rs 110.50 crore

22 Jan 2015

Blue Star is currently trading at Rs. 349.00, up by 3.95 points or 1.14% from its previous closing of Rs. 345.05 on the BSE.

The scrip opened at Rs. 354.00 and has touched a high and low of Rs. 364.45 and Rs. 347.60 respectively. So far 31747 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 387.00 on 19-Nov-2014 and a 52 week low of Rs. 134.50 on 10-Feb-2014.

Last one week high and low of the scrip stood at Rs. 368.85 and Rs. 326.00 respectively. The current market cap of the company is Rs. 3158.56 crore.

The promoters holding in the company stood at 39.46% while Institutions and Non-Institutions held 25.31% and 35.23% respectively.

Blue Star has received an approval to transfer the Professional Electronics & Industrial Systems (PE&IS) undertaking of the company to Blue Star Electro-Mechanical (BSEML), a wholly owned subsidiary of the company, on a going concern basis at fair value estimated at about Rs 110.50 crore, determined by an independent valuer. The board of directors at their meeting held on January 21, 2015, based on the approval of the Audit Committee has approved for the same. BSEML will discharge the consideration for the said transfer by issue and allotment of fully paid up equity shares to the company.

The board also approved financial assistance to BSEML by means of loans and corporate guarantees to secure BSEML’s borrowing not exceeding Rs 25 crore.

Blue Star is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers.

 

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SEBI Registered: Investment Adviser - INA000013323

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