Lloyd Electric shares jump over 4% on bourses

MUMBAI: Shares of Lloyd Electric and Engineering today rose by over 4 per cent after the company announced the acquisition of Noske-Kaeser's rail and vehicles business in select markets for 2.3 million euros.

The stock moved up by 4.24 per cent to Rs 233.10 on BSE.

On NSE, shares of the company climbed 4.38 per cent to Rs 233.50.

Heating, ventilation and air conditioning systems maker Lloyd Electric and Engineering on Friday announced the acquisition of Noske-Kaeser's rail and vehicles business in select markets globally for 2.3 million euros (nearly Rs 20 crore).

Lloyd has also acquired exclusive and worldwide rights to use the trademark "Noske-Kaeser Rail and Vehicle" from Noske-Kaeser Group, the company had said in a BSE filing.

The company added the businesses have been "acquired for a total cash consideration of Euro 23,02,000, which includes an upfront payment of Euro 20,01,000 and an earn out of up to Euro 3,00,000 payable in the next year."

Lloyd Chairman and Managing Director Brij Raj Punj had said: "This acquisition will be instrumental in achieving our strategic objective of enhancing Lloyd's market position in the global rail and defence HVAC (Heating, ventilation and air conditioning) systems business."