Elpro International Acquires Religare Enterprises Shares for ₹3.56 Crore

On April 2, 2024, Elpro International Limited stated in an exchange filing that the company had acquired equity shares of Religare Enterprises Limited.

Details of the Acquisition

On Tuesday, Elpro International Limited acquired shares of the investment company Religare Enterprises Limited for ₹3.56 crore. The company has acquired 1,61,795 Equity Shares in Religare Enterprises Limited.

Elpro International Limited informed in the exchange filing that the primary objective and impact of the acquisition is for investment purposes. The nature of consideration for the acquisition is cash, specifically cash consideration.

Religare Enterprises Limited is involved in the financial services industry. It is a core investment company that offers a wide range of financial services through its subsidiaries and operating entities. These services include affordable housing finance, loans for small and medium-sized enterprises, retail broking and health insurance.

Religare reported a consolidated turnover of ₹4,86,322.98 lakh in FY 2023, ₹3,37,244.09 lakh in FY 2022 and ₹2,53,046.94 lakh in FY 2021. On April 3, 2024, the Religare Enterprises share price opened at ₹224.30, touching the day’s high at ₹226.55, as of 11:58 AM on the NSE.

This is the second acquisition for Elpro International Limited this FY 2025. On April 1, 2024, Elpro International Limited informed the stock exchanges that the company acquired equity shares of Multi Commodity Exchange of India Limited. As per the exchange filing, the cost of acquisition was ₹10 crore, where they acquired 28,790 Equity Shares.

Prior to this acquisition on April 1, 2024, Elpro International Limited already held 1,77,939 Equity Shares in the Multi Commodity Exchange of India Limited. Currently, the total holding of Elpro International in Multi Commodity Exchange of India Limited is 2,06,729 Equity Shares.

About Elpro International Limited

Elpro International Limited is involved in the manufacturing of surge arresters, equity investment in third parties, windmill operations and construction and development of real estate properties. On April 3, 2024, the Elpro International share price opened at ₹90.98, touching the day’s high at ₹91.49, as of 11:53 AM on the BSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.