Elitecon International share price hit 5% upper circuit for the second consecutive session on Monday, led by strong buying momentum. Elitecon International shares jumped as much as 5% to ₹157.05 apiece on the BSE.
Trading volumes in Elitecon International shares also spurred. Around 4 lakh equity shares of Elitecon International changed hands on stock exchanges on October 13, as compared with its one week average trading volumes of 3 lakh shares.
Elitecon International recently announced the acquisition of stake in two entities – Landsmill Agro Private Limited and Sunbridge Agro Private Limited. Here are the details:
Landsmill Agro Acquisition
Elitecon International acquired 55% equity stake in Landsmill Agro Pvt Ltd for a cash consideration of ₹52.85 crore. The company has acquired 51.48 lakh equity shares of Landsmill Agro for ₹102.67 per fully paid up equity share of face value of ₹10 each.
“The primary objective of these acquisitions is to expand and strengthen Elitecon’s FMCG business vertical, an area where the Company is already actively engaged through its existing dealings in agro products and allied activities. By consolidating its presence through these acquisitions, Elitecon seeks to enhance operational scale, increase product depth, and diversify revenue streams,” Elitecon International said in a regulatory filing on October 1.
Sunbridge Agro Acquisition
Elitecon International also announced the acquisition of 51.65% equity stake, or 98.77 lakhs shares, in Sunbridge Agro Pvt Ltd for ₹128.40 crore.
Elitecon has outlined its plans to acquire 100% equity stakes in both entities within a 12-month period
Elitecon International Share Price Performance
Elitecon International share price has fallen 20% in one month, but has jumped 315% in six months. The stock has surged 1,415% on a year-to-date (YTD) basis and 4,290% in one year. Elitecon International share price has delivered multibagger returns of a staggering 15,605% in five years.
At 1:40 PM, Elitecon International share price was still locked at 5% upper circuit of ₹157.05 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
