Oswal Pumps Shares Hit All-Time High After Acquisition Of Oswal Solar
Oswal Pumps will use the proceeds from the initial public offer to set up a new unit of Oswal Solar Structure, it disclosed during IPO.
Oswal Pumps Ltd. share price hit an all-time high in Wednesday's session; it completed the purchase of all shares in its renewable energy subsidiary. The company bought 5.24 crore shares of Oswal Solar Structure with a face value of Rs 10 for Rs 303.76 crore.
Oswal Solar Structure was already an wholly-owned subsidiary of Oswal Pump. It was set up on Jan 21, 2022. It manufactures solar modules and has one manufacturing facility in Karnal, Haryana.
Oswal Pumps completed the acquisition as a part of the objects of the initial offer disclosed during its IPO process with the regulators. It intends to set up a new unit of Oswal Solar Structure in Karnal with the proceeds from the IPO.
Oswal Pumps share price rose 3.31% to Rs 781.15 apiece, the highest level since its listing on June 20. It pared gains to trade 1.75% higher at Rs 769.30 apiece as of 11:05 a.m., as compared to 0.29% advance in the NSE Nifty 50 index.
The stock gained 22.73% since its listing. The relative strength index was at 74.12.
Oswal Pumps Ltd. listed on the National Stock Exchange on Monday at Rs 634 apiece, a premium of 3.3% over its issue price of Rs 614 apiece. On the BSE, the stock debuted at Rs 632, a 2.9% premium.
