Gokaldas Exports is right there as the top gainer on the BSE; the stock opened over 6% higher at Rs.652 and rose to a 52-week high at Rs.736.30, up 20%.
The company, through its wholly owned subsidiaries has entered into an agreement to acquire Atraco Group (Atraco), a leading manufacturer of apparel with a strong market position and customer relationships across U.S. and Europe. Their product range includes shorts, pants, shirts, t-shirts, blouses and dresses catering across age groups.
The equity value of the transaction is US$ 55 million and the same will be funded by a mix of debt and internal accruals. The transaction will comprise of acquisition of shares and assets and will be subject to customary regulatory approvals. The transaction is expected to be closed by Q3 FY24 (Oct-Dec 23).