Multibagger penny stock Salasar Techno now acquires EMC for ₹178 crore after issuance of 4:1 bonus shares in Feb

Stock market today: Shares of Salasar Techno Engineering Ltd are one of the multibagger penny stocks that the Indian stock market has delivered in the last one year. This tech stock has surged nearly 150 percent in the last one year. The multibagger penny stock was in the news recently for trading ex-bonus on 1st February 2024. After the issuance of 4:1 bonus shares last month, the tech stock is once again in the news for acquiring a new company paying ₹178 crore. Salasar Techno Engineering Ltd today informed Indian stock market exchanges about acquiring the new company EMC Ltd after getting the nod from the National Company Law Tribunal (NCLT). After the outbreak of this news, Salasar share price witnessed strong buying interest during early morning deals. Salasar Techno share price today opened upside and went on to touch an intraday high of ₹22.55 apiece on NSE, logging around 5 percent appreciation against Friday's close of ₹21.50 apiece. However, the multibagger penny stock failed to sustain at higher levels after the profit-booking trigger and pared most of its early morning gains.

Salasar Techno Engineering news

As mentioned above, the multibagger penny stock today informed stock market exchanges about the acquisition of EMC Ltd saying, "In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the Salasar Techno Engineering Limited (‘the Company’) has emerged as the highest bidder in the acquisition of M/s EMC Limited (under Liquidation) through an EAuction facilitated by the Liquidator, as appointed by the Hon’ble National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to Order IA No. 842/KB/2023. The auction took place on Thursday, March 14, 2024, from 03:00 P.M. to 05:00 P.M., with the highest bid amounting to Rs. 178,00,00,000/- (Rupees One Hundred Seventy-Eight Crores Only)."

EMC Limited (Formerly known as Electrical Manufacturing Company Limited), is a company limited by shares incorporated on 12th July 2010 under the provisions of the Companies Act, 1956 (earlier, entity got amalgamated with the Company which was incorporated on 18 May, 1853). The company has grown into a large EPC (Engineering, Procurement & Construction) organization and has a record of completing large projects. The company has been in overseas business since the early 1970's and exported galvanized steel towers, conductors, and hardware items but of late the company is taking up turnkey orders (EPC Projects) in power transmission and substation sectors.

As of 31st March 2023, EMC Ltd had an annual turnover of ₹70.70 crore and a net loss of ₹131.18 crore. The company operates within the same industry as SALASAR, promising an expansion of the company's operations and the potential for synergistic benefits.

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