GEI Industrial buys 82% stake in GEI Power

Engineering company GEI Industrial Systems today said it has acquired an 82.17 per cent stake in GEI Power for Rs 12.99 crore.

The company, on August 21, had acquired 18.43 lakh shares of GEI Power at a price of Rs 70.50 a piece, aggregating to 82.17 per cent stake, GEI Industrial Systems said in a filing to the Bombay Stock Exchange (BSE).

After the acquisition, "GEI Power Ltd has become a wholly-owned subsidiary of the company," it added.

On Friday, shares of GEI Industrial Systems closed at Rs 71.05, up 11.28 per cent on the BSE.