Jubilant Ingrevia rose 1.78% to Rs 825 after the company's wholly owned subsidiary, Jubilant Infrastructure (JIL) board has approved to purchase 6.67% stake in Forum I Aviation Private (FAPL) from Hero Fincorp & Sunil Kant Munjal.
FAPL is engaged in business of operating aircrafts on charter basis under the non-scheduled airlines. It revenue was Rs 27.32 crore in FY24.The purpose of making further investment by Jubilant Infrastructure in FAPL is to meet business requirements.
The company will acquire 16.67% at Rs 10.2915 per share. The said transaction is expected to be completed within this financial year.
At present JIL holds 9.12% equity shares in FAPL. Post-acquisition, JIL holds 15.79% equity shares in FAPL
Jubilant Ingrevia is a global integrated life science products and innovative solutions provider serving, pharmaceutical, nutrition, agrochemical, consumer and industrial customers with its customised products and solutions that are innovative, cost effective and conforming to premium quality standards. The company is engaged in manufacturing and supply of speciality chemicals, nutrition & health solutions and chemical intermediates through five manufacturing facilities in India.
The companys consolidated net profit rose 2.6% to Rs 59 crore on 1.8% increase in net sales to Rs 1029 crore in Q2 FY25 over Q2 FY24.
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