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Spanco rises as its step down subsidiary enters into JV with Essel Utilities Distribution Company

20 Sep 2012 Evaluate

Spanco is currently trading at Rs. 39.95, up by 1.15 points or 2.96% from its previous closing of Rs.38.80 on the BSE.

The scrip opened at Rs. 39.95 and has touched a high and low of Rs. 41.00 and Rs. 39.30 respectively. So far 7,331 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 148.55 on 29-Sep-2011 and a 52 week low of Rs. 30.50 on 30-Aug-2012.

Last one week high and low of the scrip stood at Rs. 41.00 and Rs. 37.00 respectively. The current market cap of the company is Rs. 131 crore.

The promoters holding in the company stood at 43.41% while Institutions and Non-Institutions held 28.46% and 28.14% respectively.

Spanco’s step down subsidiary Spanco Nagpur Discom has entered into a joint venture (JV) with Essel Utilities Distribution Company by entering in to a Share Subscription Cum Shareholders’ Agreement (SSSA) with intention to subscribe equity shares of Spanco Nagpur Discom on preferential basis.

Pursuant to this, Spanco Nagpur Discom will cease to be a step down subsidiary of the company upon allotment of the shares.

Spanco is one of the leading telecom systems integration and IT services company in India. From providing telecom integration services to multinationals, Public Sector Units and India's vast defense sector. Spanco has evolved to extend its expertise into the dynamic space of Business Process Outsourcing and RFID.

 

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