Jaykay Enterprises Acquires 76.41% Stake In Allen Reinforced Plastics According to media reports, the cost of acquisition is approximately INR 90 crore for acquiring 76.41% equity stake in Allen
By Teena Jose
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JayKay Enterprises, through its wholly owned subsidiary JK Defence & Aerospace has acquired a 76.41% equity stake in Allen Reinforced Plastics Private Limited (Allen). According to media reports, the cost of acquisition is approximately INR 90 crore for acquiring 76.41% equity stake in Allen.
"The acquisition is part of the inorganic growth plans of JayKay Enterprises Limited, through its WOS JK Defence in Defence & Aerospace Sector. Post-acquisition Allen will become a subsidiary of JK Defence and step down subsidiary of the company," said the company in a regulatory filing.
Allen Reinforced Plastics is a defence and aerospace engineering company that has been in operation since 1987 and has a turnover of about INR 8.61 crore in FY21. Allen had also posted a turnover of INR 25.21 crore in FY23 and INR 28.99 crore in FY22
Further, Jaykay Enterprises also announced that its board has approved raising upto INR 150 crore through rights issue of equity shares. It will issue 5,84,57,688 equity shares at INR 25 per share at face value of Re 1 per equity share.
