TTK Prestige has moved up 4% to Rs 2,628 on reports that the company is set to buy the ailing Indian unit of Italian firm Bialetti and plans to merge the entity with itself before the end of this fiscal.
According to a report, TTK Prestige, the maker of cookers and other kitchen appliances, is set to buy Italian firm Bialetti’s ailing Indian unit, Triveni Bialetti Industries (TBI), to expand production capabilities.
On Wednesday, the company informed the stock exchanges that the board of directors would meet on October 10, 2011, to consider the merger of the kitchen appliances division of an unlisted company, TBI, into TTK Prestige.
A combined 87,277 shares have changed hands on the counter till 1225 hours on the BSE and the NSE.
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