Pune-based Elpro International announced its acquisition of shares in BSE Limited, Jio Financial Services, and Manappuram Finance through exchange filings during the past week. The company disclosed that it purchased approximately 1.5 lakh shares of Jio Financial Services for Rs 3.10 crore, around 3 lakh shares in Manappuram Finance for Rs 4.20 crore, and 1.07 lakh shares of BSE for Rs 10 crore.
While Elpro previously held stakes in BSE and Jio Financial Services, this marks a new investment in Manappuram Finance. Following these transactions, Elpro now holds 1.98 lakh shares of BSE and 2.07 lakh shares of JFS.
Elpro International clarified that these acquisitions were made for “investment purposes.” The disclosure of these transactions was made on August 24 and 25.
Earlier, on August 14, the company also reported acquiring 39,136 shares in the oleochemical player Fairchem Organic for Rs 4.05 crore.
Under SEBI listing regulations, companies are required to disclose to exchanges when they acquire shares or voting rights aggregating to five percent or more in another company. In this case, Elpro’s stakes in each company do not exceed 5 percent, but the company chose to make the disclosure. Moneycontrol has reached out to Elpro for further details, and this story will be updated once a response is received.
About Elpro International:
Elpro International, as per the company’s website, was incorporated in July 1962 in collaboration with General Electric, USA. It proudly claims to be the only company outside the United States manufacturing surge arresters and zinc oxide discs, which are essential components in electrical devices to stabilize voltage fluctuations, utilizing GE technology.
The company is listed on the BSE and currently holds a market capitalization of Rs 1,164.66 crore.
Apart from its electrical components business, Elpro International is also involved in a high-end residential project located in Chinchwad, Pune.
In terms of ownership, promoters maintain a 74.99 percent stake in the company, with the promoter group IGE India Pvt Ltd holding 67.87 percent as of the end of June 2023. IGE India Pvt Ltd is a joint venture between General Electric and the Dabriwala family, established in 1930 for diverse business operations.
Among public shareholders, notable names include Elara India Opportunities Fund, Jupiter India Fund, and Cresta Fund, holding stakes of 1.77 percent, 4.90 percent, and 4.56 percent, respectively.
As of August 25, the company’s stock closed at Rs 68.72, marking an 11.10 percent decrease over the past year.
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