Prince Pipes & Fittings moves higher on the BSE

Prince Pipes & Fittings is currently trading at Rs. 541.35, up by 11.50 points or 2.17% from its previous closing of Rs. 529.85 on the BSE.

The scrip opened at Rs. 568.35 and has touched a high and low of Rs. 568.35 and Rs. 536.80 respectively. So far 14832 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 775.75 on 05-Jan-2024 and a 52 week low of Rs. 521.55 on 18-Mar-2024.

Last one week high and low of the scrip stood at Rs. 568.35 and Rs. 521.55 respectively. The current market cap of the company is Rs. 5992.96 crore.

The promoters holding in the company stood at 60.94%, while Institutions and Non-Institutions held 24.14% and 14.92% respectively.

Prince Pipes & Fittings has signed an Asset Purchase Agreement (APA) with Klaus Waren Fixtures, for the acquisition and assignment of identified assets for Rs 55 crore. The acquisition will be funded through internal accruals and is structured in two phases.

The first phase shall constitute the acquisition of the iconic Aquel brand along with the acquisition of moulds and dies, on an immediate basis. The second phase will be in relation to the acquisition of the assets comprising of land parcel, buildings, machinery and manufacturing equipment, office furniture and fixtures situated at Klaus Waren’s plant in Bhuj, Gujarat. The transaction shall be consummated subject to the receipt of regulatory approvals. The total built up area is around 1,10,000 sq ft whereas the land parcel area spans around 8 acres, which could be used for future expansion.

In a highly evolving and dynamic market, the Aquel brand has established itself as a key player in Western, Central and certain parts of South India, with its wide range of products. It has captured the attention of homeowners, interior designers, architects and builders. Aquel brings an extensive range of scientifically engineered products, encompassing faucets and bathroom accessories, available in various designs, colors, and functionalities, to cater to diverse preferences and purposes. There are currently 9 ranges and 250 SKU’s being produced under the Aquel brand.

The first tranche of the acquisition of the relevant Assets is to be completed within ten days from execution. The second tranche of the acquisition of the relevant Assets is to be completed by October 15, 2024, subject to the completion of the conditions precedent to the second tranche of the acquisition including but not limited to obtaining consents from governmental authorities.

Prince Pipes & Fittings is recognized as one of the leading polymer pipes and fittings manufacturers in India in terms of number of distributors.