Apollo Pipes Ltd. has acquired an additional equity stake of 1% through a secondary purchase in subsidiary Kisan Mouldings Ltd. as a strategic investment.
The company has increased the equity holding from 56.08% to 57.08% in KML. The cost of acquisition is approximately Rs 5.59 crore, according to an exchange filing on Thursday.
The total paid-up equity share capital of KML as of date is Rs 119.5 crore and the turnover for the financial year ended March 31, 2024, is Rs 268 crore. None of the promoter or promoter group or group companies have any interest in the acquisition of the stake, according to the filing.
KML is the existing subsidiary of Apollo Pipes and is primarily engaged in the manufacturing of PVC pipes, fittings, UV resistant multi-layer water tank and allied products.
"It is one of the largest manufacturers of multiple applications of pipes for water supply, sanitation, sewerage, construction, cable ducting, drinking water, tube wells, submersible pumps and other polymer products for various purposes," the company said.
Shares of Apollo Pipes closed 3.03% lower to Rs 358.20 apiece on the National Stock Exchange, compared to a 0.01% decline in the benchmark Nifty. The share price has fallen 51.28% in the last 12 months.
Six out of the eight analysts tracking the company have a 'buy' rating on the stock and two recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 41.4%.
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