Apar acquires 42 pc stake in Uniflex Cables

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Mumbai, Feb 11 (UNI) Apar Industries has acquired a controlling 42 per cent stake in Rs 160-crore Uniflex Cables for Rs 50 crore following an agreement.

The company plans to make a public offer to acquire a further 20 per cent stake in Uniflex and subscribe to 40 lakh warrants at the SEBI formula price to increase its stake to 49 per cent in a deal valued at approximately Rs 70 crore excluding the open offer, a release said here today.

The company's acquisition is meant to synergize and cater to the end-to-end requirements of the power transmission and distribution sector.

The Rs 7000 crore cable industry is expected to grow at its current rate of 25 per cent for the next decade, the release added.

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