ELGI Equipments shines on getting nod to acquire stake in Michigan Air Solutions

ELGI Equipments informed the bourses that it has received the approval for the acquisition of 100 per cent shareholding and control of Michigan Air Solutions LLC, a limited liability company, headquartered in Michigan, USA.

This acquisition will be accomplished through ELGI Compressors USA, Inc., a wholly owned subsidiary of ELGI Equipments. The Board of Directors of the company has approved it at its meeting held on December 16, 2019.

ELGI is a distributor and specialist in air compressor sales, maintenance and services. The total consideration for the acquisition is around US$6 million (Rs 42.44 crore). This acquisition will significantly expand ELGI's footprint in Michigan, USA.

Today, the stock witnessed a gap up opening by 3 per cent at Rs 252 and jumped by 4 per cent and made an intraday high of Rs 254 on the BSE. At 09:40, the stock was trading nearly at Rs 247.10 on the BSE.