New Delhi-based NBFC Amulya Leasing & Finance Limited has acquired an additional 20.87 per cent stake in plastic piping system manufacturer Apollo Pipes Ltd for an undisclosed amount, according to a stock market disclosure.
With this, the NBFC has increased its holding to 50.96 per cent stake in Apollo Pipes from 30.96 per cent.
Post acquisition, Apollo Pipes has been renamed as Apollo Irrigation Systems Ltd.
Apollo Pipes, a part of Sudesh Group of Industries, is a manufacturer of irrigation systems, sprinklers, CPVC, HDPE, u-PVC, column pipes and fittings for irrigation, plumbing and water transportation systems.
The company started manufacturing u-PVC with a capacity of 3600 MT per annum in 2000. Since then, it has expanded the capacity to produce 24000 MT per annum of u-PVC pipes, 3600 MT of PE pipes and 2400 MT per annum of PPR pipes.
Amulya Leasing has been hiking its stake in the piping system manufacturer since July this year when it acquired 16.47 per cent stake in the company. Then in October, it acquired an additional 13.62 per cent stake in Apollo Pipes, taking its holding to 30.09 per cent.
Amulya Leasing & Finance is engaged in financing and sale and purchase of shares. The company was founded in 1985 and is based in New Delhi.
Shares of Amulya Leasing were trading at Rs 116 each, up 0.13 per cent on BSE in a strong Mumbai market on Monday at 2.37 PM.
(Edited by Joby Puthuparampil Johnson)
