AIA Engineering Stock

AIA Engineering’s arm acquires an additional 13% stake in VMPS

The objective of the acquisition of the Business of VMPS is to strengthen the company’s Mining Liner Business. Here are the details.

About the acquisition

AIA Engineering’s wholly owned subsidiary – Vega Industries (Middle East) FZC (VEGA ME), has acquired 13% shares of Vega Mps Pty, (VMPS), Australia at a total consideration of Australian dollar 3,999,375. So far Vega ME has acquired 43% shares of VMPS.

The objective of the acquisition of the Business of VMPS is to strengthen the company’s Mining Liner Business. VMPS is in the business of design, supply of mining liners and other parts, process engineering, project management and quality control capabilities for the mineral processing industry etc. Earlier, the company had acquired a 30% stake in VMPS.

Company profile

Established in 1979, AIA Engineering, a certified ISO 9001 company, specialises in the design, development, manufacture, installation and servicing of high chromium wear, corrosion and abrasion-resistant castings used in the cement, mining and thermal power generation industries. The company manufactures high-chrome grinding media, liners and diaphragms, collectively known as mill internals. The company has 11 subsidiaries in countries including India, UAE, UK, USA, etc.

Stock price movement

On Thursday, AIA Engineering shares closed at Rs 3855.30, down by 1.76% from its previous closing of Rs 3,924.30 on the BSE. Today, the stock opened at Rs 3,936.35 and has touched a high and low of Rs 3,941.35 and Rs 3,820 respectively. The BSE group ‘A’ stock of face value of Rs 2 has a 52-week high and low of Rs 4,624.50 and Rs 2,621, respectively. Last one week high and low of the scrip stood at Rs 3,986.90 and Rs 3,765.95, respectively. The current market cap of the company is Rs 36,363.33 crore.

The promoters holding in the company stood at 58.47%, while Institutions and Non-Institutions held 38.75% and 2.78%, respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.

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