Kirloskar Pneumatic Company Ltd.’s shares were up 3.65 per cent after the company signed a memorandum of understanding to acquire a majority stake, over 51%, in Systems & Components India Private Ltd. (S&C).
The company, in industrial refrigeration sector, has more than 700 installations across various industries including dairy, pharmaceutical, chemical, and fertilizer.
The company said, this acquisition aims to help expand its business and enter new market segments related to its current operations. The transaction is expected to be completed within the next three months.
The shares were up by 3.65% to ₹1338 at 2.50 pm on the BSE.