Grasim Stock Up On Acquiring Stake In Soktas

Grasim Industries Limited has signed a definitive accord to acquire 100-pc equity shareholding of Soktas India Pvt Ltd, from its current promoters, for an enterprise value of Rs 165-crore, depending on net debt and working capital regulation, as of the closing date. Upon completion of the transaction, Soktas India will become a wholly owned subsidiary of Grasim Industries. The announcement was made post market hours on Tuesday, 5th March.

Reacting to this development, the stock was on upper circuit in the morning session. Shares of Grasim Industries which opened at Rs810 per share registered a high of Rs822.20 and also dipped to a low of Rs 813.30 per share on the NSE on Wednesday.  On BSE, the stock was trading at Rs814.55 per share, up by 0.77 percent at 11.25 am Meanwhile, the benchmark indices were trading higher with BSE Sensex at 36,573 up by 130 points and Nifty at 11,032, up by 45 points.