Financial Daily from THE HINDU group of publications
Sunday, Nov 27, 2005
Financial Daily from THE HINDU group of publications Sunday, Nov 27, 2005 |
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Corporate
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Mergers & Acquisitions LMW to buy Jeetstex Engineering Our Bureau
Coimbatore , Nov. 26 TEXTILE machinery manufacturing major Lakshmi Machine Works (LMW) has informed the Bombay Stock Exchange about its resolve to acquire the Coimbatore-based Jeetstex Engineering Ltd, an unlisted, sick public limited company, engaged in the same line of business. At the board meeting on Saturday, the company decided on the acquisition. The share capital of Jeetstex is Rs 3,20,00,000 consisting of 32,00,000 equity shares of Rs 10 each fully paid. The LMW directors, however, decided to acquire the shares at Re 1 per share, as the unit is a sick industrial undertaking registered with the Board for Industrial and Financial Reconstruction. The company has also informed the BSE that Jeetstex would eventually become its wholly owned subsidiary, as and when the process of acquisition is complete. Meanwhile, the board is planning to seek necessary permission and sanctions from the BIFR for the merger. The LMW scrip zoomed to a high of Rs 14,250 on Saturday, after opening at Rs 14,100. It has in the last one week moved from a level of Rs 13,900 to the current price. A glance at the share price movement shows that it fell to a 52-week low of Rs 7,052 in February and touched a high of Rs 14,852.15 on November 25.
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