Endurance Tech in the limelight

Endurance Technologies is in the limelight today morning, with the stock showing a rise from yesterday’s close of Rs.1211 to Rs.1225. Its 52-week high and low stands at Rs.1579 and Rs.1040 respectively.

The company’s subsidiary and SPV for strategic overseas investments, Endurance Overseas Srl., has acquired the entire equity stake in Fonpresmetal Gap SpA (Fonpresmetal), an aluminum die casting company in Italy.

Fonpresmetal has its manufacturing facility in Bione (Brescia, Italy) with a capacity of 6,500 Tons of which 50% is dedicated for supplies to the Endurance Group companies in Italy.

The said acquisition has been completed for a consideration of Euro 8.16 million.

The estimated balance sheet of this acquired entity (in local GAAP) shows cash & cash equivalents of Euro 3.5 million gross. Upon netting of the outstanding debt for leasehold assets, the cash & cash equivalents would stand at Euro 1.6 million.

This acquisition by EOSrl has been funded through its internal accruals / borrowings.

The effective date of this acquisition is 7th January, 2019.