Endurance Overseas Srl, Italy, an arm of Endurance Technologies Limited and the special purpose vehicle for strategic overseas investments, has acquired the entire equity stake in Fonpresmetal Gap SpA, an aluminum die casting company in Italy. The said acquisition has been completed for a consideration of Euro 8.16 million.
With this acquisition, the name of Fonpresmetal has been changed to Endurance Castings SpA. Following the effect of the acquisition, the Endurance Group in Europe owns 9 manufacturing plants, 6 units are in Italy and 3 in Germany, the Company said.
This development of the company, however, has a mixed effect on stocks. During mid-market trade, Endurance Technologies share price quoted at Rs 1,208.75, down Rs 2.35, or 0.19 percent against its previous close on the BSE, whereas on the NSE, it trade higher 0.27 percent 1,214.55 per share.
The scrip opened at Rs. 1223 and it hid a high and low of Rs. 1250 and Rs. 1208 respectively on the NSE. Meantime the Sensex and Nifty recover from their early loss and is trading a little higher by 0.8% and 0.1% at 35878 and 10772-levels respectively at 1.10 pm Tuesday.