Carborundum Universal up 5% on pact to acquire controlling stake in PLUSS

The company has entered into a definitive agreement for acquiring a controlling stake in PLUSS Advanced Technologies Private Limited (PLUSS), at an initial investment of Rs 115 crore

Shares of Carborundum Universal (CUMI) rallied 5 per cent to hit a new high of Rs 800 on the BSE in intra-day trade on Friday after the company said it has entered into a definitive agreement for acquiring a controlling stake in PLUSS Advanced Technologies Private Limited (PLUSS) at an initial investment of Rs 115 crore.

The investment is proposed to be made by acquiring the equity shares of PLUSS from the existing shareholders, including promoters as well as subscribing to additional equity capital in PLUSS.

"CUMI has today, i.e., 26th August 2021, entered into a Shareholders Subscription Agreement with PLUSS and