Tube Investments rose almost 4% to an intraday high at Rs.2088.40, just a tad away from its 52-week high of Rs.2095, which it had scaled last week.
The stock is in the news because the company stated that, through its subsidiary TI Clean Mobility Pvt Ltd (TICMPL), it acquired 65.2% stake in IPLTech Electric (IPLT).
This was acquired through a combination of equity shares from founders and other shareholders of IPLT. The acquisition cost is Rs 246 crore.
IPLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles.
In addition, the company decided to make a further investment of up to Rs 150 crore in subsidiary TICMPL and make a provision of inter-corporate deposit of an amount up to Rs 100 crore to TICMPL.