Shares of Craftsman Automation surged over 10 percent on June 25, snapping a three-day losing streak, after the company signed a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital Fund II LLP to potentially acquire all or part of Sunbeam’s business.
At 10:27 AM, Craftsman shares were up 10 percent, trading at Rs 5,308. Over the past year, the stock has gained 33 percent, outperforming the Nifty, which rose 26 percent during the same period.
Craftsman Automation announced the MoU on June 24, noting that the acquisition would exclude certain assets located in Gurugram. The transaction might be completed in multiple phases.
The proposed acquisition is contingent upon several conditions, including the completion of due diligence, final approval from Craftsman Automation’s Board of Directors, and the execution of definitive agreements, along with other customary legal conditions.
Craftsman Automation will provide detailed disclosures as required by regulations once the necessary agreements are finalized.
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