Anup Engg climbs on bonus issue proposal

The Anup Engineering soared 13.56% to Rs 3,075.35 after the company announced that its board will consider bonus share issue on Wednesday, 20 March 2024.

Meanwhile, the company has entered into a definitive share purchase agreement to acquire 100% equity shares of Mabel Engineering (Mabel), for a cash consideration of Rs 33 crore.

Mabel is engaged in the business of engineering, fabrication, supply and erection and delivering solutions for pressure vessels, reactors, storage tanks, silos, heat exchangers, heavy structural components, chimneys, and piping systems. It recorded a turnover of Rs 27.11 crore for FY23.

The firm intends to buy Mable with the aim of expansion of product portfolio, capacity expansion and geographical spread.

The acquisition is expected to be completed by 31 May 2024 (tentative).

Anup Engineering supplies process equipment to nearly all major projects in oil & gas, fertilizer, power, chemical & petrochemical sectors in India and worldwide.

The companys net profit jumped 45.3% to Rs 20.17 crore on 12.2% rise in net sales to Rs 128.40 crore in Q3 FY24 over Q3 FY23.

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