Earlier, Salasar Techno Engineering Ltd paid Rs 168 crore as balance payment to complete the acquisition of EMC Ltd through an insolvency process.
Salasar Techno Engineering Limited, a steel structural manufacturer and EPC infrastructure company, has informed exchanges that its board has approved the proposed scheme of amalgamation of EMC Limited, a wholly owned subsidiary, with Salasar Techno Engineering.
The decision was made in a board meeting held on March 26, 2025. The scheme is, however, subject to the approval of competent authorities.
“The company believes that this amalgamation will improve operational efficiencies and streamline the corporate structure,” it said in an exchange filing.
As EMC Limited is a wholly owned subsidiary, no cash consideration or share exchange will be involved in the process. The issued and paid-up equity share capital of Salasar Techno Engineering Limited will remain unchanged.
Earlier, Salasar Techno Engineering Ltd paid Rs 168 crore as a balance payment to complete the acquisition of EMC Ltd through an insolvency process.
The total acquisition cost of the engineering, procurement and manufacturing (EPC) firm is Rs 178 crore.
Salasar Techno Engineering Q3 Results
Salasar Techno Engineering Ltd posted a 28 per cent rise in consolidated net profit to Rs 12 crore in the December quarter, aided by higher income.
It reported a net profit of Rs 16.76 crore in the October-December period of the preceding 2023-24 financial year, the company said in an exchange filing.
The company’s total income rose to Rs 375.89 crore from Rs 304.34 crore in the year-ago period.
Its expenses were Rs 359.64 crore during the quarter under review against Rs 281.21 crore a year ago.
The counter has given a multibagger return of 107 per cent in three years and 1097 per cent in five years. However, the stock has corrected 54 per cent in one year.
The stock opened in green today at Rs 9.64 on the BSE against the previous close of Rs 9.56. It gained further to touch the high of Rs 9.87. However, it pared all the gains and was trading at Rs 9.20 on the BSE at the time of writing the report.
