Tecpro Systems gains on concluding acquisition of Ambika Projects (India)

22 Aug 2011 Evaluate

Tecpro Systems is currently trading at Rs. 264.00, up by 7.65 points or 2.98% from its previous closing of Rs. 256.35 on the BSE.

The scrip opened at Rs. 258.65 and has touched a high and low of Rs. 264.00 and Rs. 248.05 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 454.25 on 12-Oct-2010 and a 52 week low of Rs. 214.50 on 24-Jun-2011.

Last one week high and low of the scrip stood at Rs. 277.00 and Rs. 248.05 respectively. The current market cap of the company is Rs. 1,332.00 crore.

The promoters holding in the company stood at 52.60% while Institutions and Non-Institutions held 21.73% and 25.67% respectively.

Tecpro Systems has completed the acquisition of the entire stake in Ambika Projects (India) on August 19, 2011, thereby making it a wholly-owned subsidiary of the company.

Earlier on July 13, 2011, Tecpro Systems had decided to acquire 100% of paid up share capital comprising of 15,00,000 fully paid equity shares of Rs 10 each of Ambika Projects (India) for a consideration of Rs 10.30 crore. As the company was looking for its entry into the business of water treatment space for quite some time, it was expected that this acquisition would help the company in moving up the value chain.

Ambika Projects (India) is a Chennai based company engaged in the business of water treatment.

Tecpro Systems is a leading Engineering Procurement and Construction (EPC) company providing comprehensive range of services in Material Handling to Steel, Cement, Ports, Mining and other industries in Infrastructure sector and coal handling and ash handling, Balance of Plant (BoP) packages for Power Sector.

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