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Premier Explosives Ltd has acquired shares in Premier Wire Products, a group company engaged in manufacture of galvanised iron wire used in detonators, to have a controlling stake.
Premier Wire Products is an associate of Premier Explosives with an equity holding of 25.71 per cent. By increasing the equity holding to 80 per cent, Premier Explosives will have management control of Premier Wire Products for an assured supply of raw materials on a long term basis and other potential improvements in post-management-control situation.
The company is acquiring the shares at ₹10 per equity share, at the face value.
Before the acquisition, Premier Explosives held 4,50,000 shares in Premier Wire Products Limited amounting to 25.71 per cent equity and will now get 47,50,000 shares taking the company shares to 65,00,000 equivalent to 80 per cent of the equity.
Premier Wire Products is an unlisted, public limited company, incorporated on September 6, 2007. The company had achieved a turnover of ₹9.17 crore, ₹11.21 core and ₹11.99 crore during the financial years 2015-16, 2014-15 and 2013-14, respectively.
Premier Explosives has announced it received industrial licence from the Department of Industrial Policy and Promotion (DIPP), for 'Site Mixed Explosives' at Mellacheruvu in Nalgonda district of Telangana
The company shares closed at ₹364.75, up 3.36 per cent on the BSE.
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