Pune-based Elpro International acquired some shares of BSE Limited, Jio Financial Services and Manappuram Finance in the week gone by, the company said in exchange filings.
It acquired about 1.5 lakh shares of Jio Financial Services for Rs 3.10 crore, around 3 lakh shares in Manappuram Finance for Rs 4.20 crore and 1.07 lakh shares of BSE for Rs 10 crore.
While Elpro had stakes in BSE and Jio Financial Services, the investment in Manappuram Finance is a fresh one. The company now holds 1.98 lakh shares of BSE and 2.07 lakh shares of JFS.
Elpro said that the acquisitions were for “investment purpose”. The disclosures were made on August 24 and 25.
On August 14, the company said it acquired 39,136 shares in oleo chemical player Fairchem Organic for Rs 4.05 crore.
As per SEBI listing regulations, companies must disclose to exchanges when they acquire shares or voting rights aggregating to five percent or more in another company.
In Elpro’s case, the stakes in each company do not exceed 5 percent but it chose to make the disclosure. Moneycontrol has reached out to Elpro for more details and the story will be updated when the response comes in.
What does Elpro do?
As per the company’s website, Elpro International was incorporated in July 1962 in collaboration with General Electric, USA. It claims to be the only company outside the United States to manufacture surge arresters and zinc oxide discs, which are used in electrical devices to check voltage fluctuation, with GE technology.
It is listed on the BSE and has a market capitalisation of Rs 1,164.66 crore.
The company also has a high-end residential project in Chinchwad, Pune.
Promoters hold a 74.99 percent stake in the company, with promoter group IGE India Pvt Ltd holding a 67.87 percent as of June 2023 end. IGE is the joint venture vehicle of General Electric and the Dabriwala family, founded in 1930 to operate diversified businesses.
Among public shareholders, Elara India Opportunities Fund, Jupiter India Fund and Cresta Fund are the big names holding 1.77 percent, 4.90 percent and 4.56 percent stakes, respectively.
On August 25, the stock closed at Rs 68.72. It has lost 11.10 percent in the past year.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
