Nitin Fire Protection surges on acquisition plans
Shares of Nitin Fire Protection shot up Wednesday on acquisition and fund raising plans.
By ET Bureau |
MUMBAI: Shares of Nitin Fire Protection shot up Wednesday on acquisition and fund raising plans.
According to source based information to ET Now, the company is planning to acquire a fire protection company in South East Asia. The acquisition size is said to be between $80-100 million.
According to sources, the company is also likely to get Rs 8 crore order from a pharma company in January-February. The acquisition is expected to be funded via fresh equity dilution & debt.
Nitin Fire Protection is also planning to raise $50 million via QIP/FCCB/GDR.
At 3:15 pm, the stock surged 20.01 per cent to Rs 314.90 on volume of 2468125 shares on the NSE.
According to source based information to ET Now, the company is planning to acquire a fire protection company in South East Asia. The acquisition size is said to be between $80-100 million.
According to sources, the company is also likely to get Rs 8 crore order from a pharma company in January-February. The acquisition is expected to be funded via fresh equity dilution & debt.
Nitin Fire Protection is also planning to raise $50 million via QIP/FCCB/GDR.
At 3:15 pm, the stock surged 20.01 per cent to Rs 314.90 on volume of 2468125 shares on the NSE.
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