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Suprajit Engineering and Phoenix Lamps are trading 2.3% and 2.6% higher at Rs 127 levels and Rs 109 levels, respectively on the Bombay Stock Exchange (BSE) after the former informed that it has acquired 51% stake in Phoenix Lamps Limited.
"With reference to the earlier announcement dated May 06, 2015, Suprajit Engineering Ltd has now informed BSE that the Company have acquired 51% stake in the fully paid up Equity Share Capital of Phoenix Lamps Limited on June 18, 2015," Suprajit Engineering informed the exchanges on Thursday.
Also Read: Phoenix Lamps surges on open offer by Suprajit Engineering
"The Board has appointed Mr. K. Ajith Kumar Rai and Mr. Mohan N S, as nominee Directors on the Board of Phoenix Lamps Limited with effect from June 18, 2015. The Company further reports that the Open Offer related activities are progressing as per plan," the release adds. CLICK HERE FOR THE RELEASE
