Sat Industries acquires stake in Aeroflex Industries
The Mumbai based fabric trading company, Sat industries Ltd, stated in a press release to the stock exchanges that it has increased its holding in one of its holding company, on Thursday after market.
The Sat Industries has acquired 67,01,300 shares of Aeroflex Industries on October 23, 2019. With this acquisition, the present holding / control has been increased from 69.39 per cent to 98.70 per cent in Aeroflex Industries. The investment in Aeroflex was a strategic decision and it gave further strength to Sat Industries' already diversified portfolio.
The Aeroflex Industries in engaged in manufacturing of Stainless steel flexible hoses. It is the first company in South East Asia to manufacture 14 inch stainless steel hoses. It has international presence with exports to around 75 countries. It reported a revenue of Rs. 140 crore and net profit of Rs. 7 crore for FY19.
Sat Industries has a diversified portfolio with presence in activities such as manufacturing, global outsourceing, real estate and mining etc.
At 11.30 am, stock traded at per share price of Rs. 24, higher by 0.84 per cent on BSE.