Tube Investments of India rose 2.98% to Rs 1707.85 after the company signed an agreement for acquiring 4,151 equity shares of Aerostrovilos Energy for a cash consideration of about Rs 3.46 crore.
The Murugappa Group company has signed a shares' subscription agreement with Aerostrovilos Energy (AEPL) and its promoters. It has also signed a shareholders agreement with AEPL, its promoters and existing shareholders.
The agreements have been signed in connection with the making of a strategic investment by the Tube Investments, by way of subscription, to 4,151 equity shares of AEPL to be issued to the company at a price of Rs 8,335.48 per share, for an aggregate sum not exceeding Rs 3.46 crore, constituting 25% of the equity share capital of AEPL
AEPL, part of the micro gas turbine industry, is a start-up company engaged in the development of micro gas turbine technology for power generator and automotive application.
The proposed investment is in line with the company's intent to invest in start-ups engaged in innovative research and product development in fields/activities of interest to the company.
Tube Investments of India (TII), a Murugappa Group company, manufactures fabricated metal products. The company specializes in cycles, steel tubes, strips, chains, and metal formed items.
The company's consolidated net profit rose 69.77% to Rs 168.48 crore in Q2 FY22 from Rs 99.24 crore in Q2 FY21. Net sales rose 175.70% to Rs 3,140.76 crore in the quarter ended September 2021 as against Rs 1,139.18 crore during the previous quarter ended September 2020.
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