Shares of Grasim Industries gained 1% on Wednesday after the company signed a definitive agreement to acquire 100% equity shareholding of Soktas India Private Limited, from its current promoters, for an enterprise value of Rs165cr.
The acquisition is subject to net debt and working capital adjustments, as of the closing date, the company said in a press note after markets hours to the exchanges on Tuesday.
The transaction will be funded by the company primarily out of internal accruals. Post-acquisition Soktas India will become a wholly owned subsidiary of Grasim.
SIPL is currently a wholly owned subsidiary of SOKTAS Tekstil Sanayi ve Ticaret A.S. with its main facilities in Soke, Turkey.