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Phoenix Lamps gains as Suprajit Engineering eyeing to acquire majority stake in it

06 May 2015 Evaluate

Phoenix Lamps is currently trading at Rs. 114.00, up by 8.45 points or 8.01% from its previous closing of Rs. 105.55 on the BSE.

The scrip opened at Rs. 108.00 and has touched a high and low of Rs. 119.00 and Rs. 102.20 respectively. So far 2,07,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 177.50 on 07-Jul-2014 and a 52 week low of Rs. 85.80 on 23-Mar-2015.

Last one week high and low of the scrip stood at Rs. 119.00 and Rs. 95.00 respectively. The current market cap of the company is Rs. 315.00 crore.

The promoters holding in the company stood at 61.88% while Institutions and Non-Institutions held 2.27% and 35.85% respectively.

Suprajit Engineering has received an approval for acquiring 51% to 61.88% in equity capital of Phoenix Lamps, from ARGON INDIA, Mauritius & ARGON SOUTH ASIA, Mauritius at an agreed price of Rs 89 per share of Rs 10 each and signed a Share Purchase Agreement on May 06, 2015. The board of directors at their meeting held on May 06, 2015 has approved for the same.

The board also approved for open offer to acquire 72,85,018 shares of Rs 10 each aggregating to 26% of the equity capital of the company, at Rs 100 per share. It has approved appointment of Karvy Investor Services, Category I Merchant Banker, to manage the open offer.

Phoenix Lamps is the largest manufacturer of Automotive Lamps in India and caters to Indian OEMs, After Market and European Aftermarket segment.


Peers
Company Name CMP
SamvardhanaMotherson 131.95
Tube Investments 3048.15
Bosch 38138.45
UNO Minda 1178.05
CIE Automotive India 474.85
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