Kirloskar Oil Engines acquires balance 24% stake in La-Gajjar Machineries

28 Sep 2022 , 09:16 AM

Kirloskar Oil Engines Ltd has acquired balance 24% equity shares of La-Gajjar Machineries Private Limited (LGM) as per the Shareholders’ Agreement including amendments thereof on September 26, 2022. Consequent to the aforesaid acquisition, the Company is holding 100% equity shares of LGM and it has become a Wholly Owned Subsidiary of the Company, instead of Subsidiary Company.

As per the filing, LGM has been engaged in the manufacturing and sale of Submersibles and monoblock pumps and pump sets and stainless steel pumps in the domestic and export markets since its incorporation in the year 1981. LGM is a subsidiary of KOEL since August 01, 2017. With effect from September 26, 2022, LGM has become a Wholly Owned Subsidiary of the Company.

KOEL is in the business of manufacturing and selling of pump sets. The acquisition of balance shares of LGM provides KOEL an opportunity to consolidate its shareholding in the company with a strong and established footprint into the electric pump market through its ‘Varuna’ and ‘Raindrop’ brand of submersible and monoblock pumps.

On Wednesday early morning trade, Kirloskar Oil Engines Ltd is currently trading at Rs229.50 per share down by Rs4.9 or 2.09% from its previous closing of Rs234.40 per share on the BSE.

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