NELCO to buy 9.09% stake in Piscis Network; stock zooms 13%

6 Jun 2023 , 10:49 AM

NELCO Limited’s stock price is trading about 13% higher so far in today’s trade as the company announces the acquisition of a 9.09% stake in Piscis Network. Further, the company’s stock is also trading ex-dividend today, which has added to the rally.

As per the exchange filing, NELCO has committed to an initial investment of Rs 99,99,100 to subscribe to 1,111 equity shares with a face value of Rs 10 each. This initial investment signifies 9.09% of the paid-up capital of Piscis Networks, as stated by the company.

Moreover, NELCO has the opportunity to pursue additional investments to raise its ownership stake to a minimum of 30% of Piscis Networks' paid-up capital. However, the company clarified that such investments are contingent upon obtaining the requisite approvals and consents mandated by applicable laws.

NELCO Ltd, a subsidiary of the Tata Group, is an Indian company operating within the technology and telecommunications industry. 

At around 10.43 AM, NELCO was trading 12.98% higher at Rs 715.25, against the previous close of Rs 633.10 on NSE. The counter hit an intraday high of Rs 715.90 so far in the day.

For feedback and suggestions, write to us at [e-mail]