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Forbes & Company zooms on getting nod to sell 25% stake in SPFSL

Forbes & Company Ltd. | Engineering - Industrial Equipments | Capital Goods & Industrial Consumables | BSE: 502865 | NSE: FORBESGOK

31 May 2022 Evaluate

Forbes & Company is currently trading at Rs. 391.65, up by 12.60 points or 3.32% from its previous closing of Rs. 379.05 on the BSE.

The scrip opened at Rs. 389.00 and has touched a high and low of Rs. 405.00 and Rs. 386.40 respectively. So far 3961 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 487.73 on 10-Jan-2022 and a 52 week low of Rs. 119.95 on 31-May-2021.

Last one week high and low of the scrip stood at Rs. 407.00 and Rs. 348.00 respectively. The current market cap of the company is Rs. 501.76 crore.

The promoters holding in the company stood at 73.85%, while Institutions and Non-Institutions held 12.50% and 13.65% respectively.

Forbes & Company has received an approval for sale of 25% equity and preference shareholding of the Company in Shapoorji Pallonji Forbes Shipping (SPFSL) to GS Enterprises, a Partnership firm and a related party for a Consideration of Rs 29 crores. The definitive Agreement is expected to be executed in Q1 of FY 2022-23 and the Proposed Transaction is expected to be completed in Q2 of FY 2022-23.

SPFSL, an associate company of the Company was earlier engaged in transportation of chemical cargoes has sold all its chemical tankers and currently does not have any operations and all its assets are in cash and near cash equivalents. To comply with the applicable related party provisions and to ensure that the Proposed Transaction is at an arm's length, the Company had appointed independent valuation agency to do the valuation and the Consideration is higher than the valuation done by the aforesaid firm. There will be no change in shareholding of Forbes & Company Limited due to aforesaid Proposed Transaction. The Board of Directors of the Company in its meeting held on May 30, 2022 has, approved the same.

Forbes & Company has three main businesses; namely engineering, shipping and logistics and business automation.

Forbes & Company Share Price

339.60 1.15 (0.34%)

20-Apr-2026 16:59 View Price Chart

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Forbes & Company zooms on getting nod to sell 25% stake in SPFSL

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