Raymond shares gained as much as 2.6 per cent in the morning trade on Friday after the company informed stock exchanges on Thursday that the company’s unlisted wholly owned subsidiary company, Silver Spark Apparel, has completed the acquisition of Robot Systems on September 10, 2015.
At 10.29 am, Raymond shares were trading 1.08 per cent higher Rs 396.70 apiece. The scrip opened at Rs 394.50 and had touched a high and low of Rs 402.70 and Rs 390.95, in trade so far. Later, the scrip closed 1.25 per cent down at Rs 387.55.
In a BSE filing, the company said, “As per the agreement(s), the total consideration for the above acquisition is Rs 28 crore only.”
The promoters holding in the company stood at 40.61 per cent while institutions and non-institutions held 20.16 per cent and 37.92 per cent respectively.
The company had earlier on April 3, 2015, entered into a Share Purchase Agreement (SPA) with Gokaldas Exports, Robot Systems and Gautam Chakravarti for acquisition of entire shareholding in Robot Systems, a wholly owned subsidiary of Gokaldas Exports.
For the quarter ended June 2015, the company posted a consolidated net loss of Rs 13.72 crore against net loss of Rs 32.85 crore in the same quarter a year ago.