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Shares of JayKay Enterprise Ltd (formerly known as JK Synthetics Ltd) jumped as its wholly-owned subsidiary announced an acquisition.
JK Defence & Aerospace Ltd, a wholly-owned subsidiary (WOS) of JayKay Enterprise Ltd (JKE), has acquired the 76.41 per cent equity stake in Allen Reinforced Plastics Private Ltd for ₹90 crore.
Accordingly, Allen Reinforced Plastics has become a subsidiary of JK Defence and a step-down subsidiary of the Company with effect from July 09, 2023, Kanpur-based JKE said in a regulatory filing.
JKE shares are currently trading at ₹81.35 apiece, up 9.96 per cent over the previous close on BSE.
“The Acquisition is part of the inorganic growth plans of JayKay Enterprises Limited, through its WOS JK Defence in Defence & Aerospace Sector,”per the filing.
Allen Reinforced Plastics, which had a turnover of ₹25.21 crore in FY23, is involved in the design, development, manufacture, and testing of composite and allied engineering products for the purpose of Defence, Aerospace, and Engineering products like Missile & Rockets components, Underwater Applications, Marine and submarine, Gun and accessories.
JKE was initially engaged in the business of manufacturing of nylon and acrylic fibres and later went into Registrar and Share Transfer Agent activities. As per the FY21 annual report, the company is planning to invest through its associate(s) and subsidiary(ies) in various business operations in the area of 3D Printing & Technology.
JKE has invested in Nebula 3D Services Private Limited which is already working in the area of scanning, reverse engineering, benchmarking, Designing and Modelling.
JKE has incorporated a Joint Venture (JV) company “Neumesh Labs Private Limited”, with JKE and Additive 3D Pte Ltd, an affiliate to EOS Singapore Pte Ltd, holding 70 per cent and 30 per cent stake, respectively, to engage in the business of the 3D printing technology in India.
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