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Symphony jumps on completing acquisition of 95% stake in Climate Technology

06 Jul 2018 Evaluate

Symphony is currently trading at Rs. 1416.75, up by 4.95 points or 0.35% from its previous closing of Rs. 1411.80 on the BSE.

The scrip opened at Rs. 1416.75 and has touched a high and low of Rs. 1416.75 and Rs. 1416.75 respectively. So far 2 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2212.75 on 11-Jan-2018 and a 52 week low of Rs. 1153.75 on 11-Aug-2017.

Last one week high and low of the scrip stood at Rs. 1,438.00 and Rs. 1,395.00 respectively. The current market cap of the company is Rs. 9911.16 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 14.65% and 10.35% respectively.

Symphony has completed the acquisition subject to customary conditions subsequent on July 5, 2018. The acquisition is effective from July 1, 2018. Climate Technology’s (Acquired Company) nine months (July 1, 2018 to March 31, 2019) financials will be consolidated with Symphony during current financial year 2018-19.

On June 22, 2018, the company had entered into a Share Sale Agreement, to effectively purchase 95% equity stake in Climate Technologies through a new incorporated subsidiary Company viz. Symphony AU, Australia.  

Symphony manufactures products like domestic air coolers, industrial air coolers, and water heaters.

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