Shares of Craftsman Automation soared 10% on June 25 after the company signed a Memorandum of Understanding (MoU) to potentially acquire part or all of Sunbeam Lightweighting Solutions. The shares reached a day’s high of ₹5,363.85 on the BSE.
The MoU involves Craftsman Automation, Sunbeam Lightweighting Solutions, and Kedaara Capital Fund II. The acquisition is still subject to due diligence, final approval by the board of directors, execution of definitive documents, and other customary legal conditions.
As of 11:52 am, Craftsman Automation shares were trading 10.23% higher at ₹5,324.90 on the NSE.
