Power and Instrumentation (Gujarat) Ltd Acquires Additional 8.94% Shares of Peaton Electrical Company Limited
Power & Instrumentation (Gujarat) Limited has agreed to acquire additional 8.94 % Stake/Shares in Peaton Electrical Company Limited (CIN NO: U31403GJ2006PLC049428) (PECL) which was incorporated on November 22, 2006. The proposed acquisition falls under the purview of the transaction with related parties and the investment has been approved by the Audit Committee and the Board of Directors of the Company. The acquisition is completed by acquiring additional stake 8.94 % increased to 60 % for a cost of Rs. 3.13 Crore. The acquisition will allow the Company and Peaton Electrical Company Limited to collaborate towards product development, new technologies, and preferred relationship for supplies in the area of LT panels, Bus trunking system, Compact Sub stations and other electrical materials business.
Key Highlights
- Power & Instrumentation (Gujarat) Limited has agreed to acquire additional 8.94 % Stake/Shares in Peaton Electrical Company Limited
- Peaton Electrical Company Limited was incorporated on November 22, 2006 with an object manufacturing unitized substations, M.V. panels, up to 33 KV, LV panels namely motor control centres, power control centres, PLC based panels, Bus trunking system auto synchronizing panels, APFCR panel, and distribution boards
- The proposed acquisition falls under the purview of the transaction with related parties under Section 177 of the Companies Act, 2013 and Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- The acquisition is completed by acquiring additional stake 8.94 % increased to 60 % for a cost of Rs. 3.13 Crore
- The acquisition will allow the Company and Peaton Electrical Company Limited to collaborate towards product development, new technologies, and preferred relationship for supplies in the area of LT panels, Bus trunking system, Compact Sub stations and other electrical materials business