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