Stock Markets Today: Stylam Industries shares fell 5%, Japan’s AICA Kogyo preparing to buy 40% stake
Stylum Industries on December 26 announced that Japan’s AICA Kogyo would buy 40 per cent stake in the company for Rs 1,525 crore.
After this announcement, the company’s shares fell 5 percent to Rs 2,185 per share in afternoon trade.
The Japanese company will buy this stake in several phases. Stylum promoters Pushpa Gupta, Deepti Gupta and Manav Gupta have signed a share purchase agreement with the company, under which they will sell about 45.97 lakh shares in two tranches, equivalent to 27.12 per cent stake.