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Company news: Rapicut Carbides Ltd

| Updated on November 21, 2019

Abhishek Gami, promoter of United Wolfram, has acquired a controlling stake in Rapicut Carbides Ltd at a deal value of ₹7.532 crore. Gami has acquired a 33.39 per cent stake through a combination of a share-purchase agreement from the existing promoter group of Rapicut Carbides and through the open offer mechanism. Rapicut, listed on the BSE since 1979, is engaged in the manufacture of tungsten carbide tips, inserts and other carbide products from the ore stage. With this acquisition, United Wolfram Group has expanded its business through a forward integration. Shares of Rapicut closed 3.6 per cent lower at ₹39.05 on the BSE.

Published on November 21, 2019

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