Home Market Varroc Engineering shares hit all-time high

Varroc Engineering shares hit all-time high

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NEW DELHI: Shares of recently-listed automotive component manufacturer Varroc Engineering on Thursday jumped over 8 per cent to hit an all-time high of Rs 1,096 apiece on BSE.

Recently, the company announced that it's a wholly-owned subsidiary of Aries Mentor Holding BV, The Netherlands (Wholly-Owned Subsidiary of Varroc Engineering) has acquired 6,60,114 shares of TRI.O.M. S.p.A. from the existing minority shareholder Alessio Caputo resulting increase in shareholding of Aries Mentor Holding BV, The Netherlands in TRI.O.M. S.p.A. Italy to 100 per cent.

The company made a decent debut on July 6, as the scrip got listed Rs 1,032 on BSE, a 6.72 per cent premium over its issue price of Rs 967. On NSE, the scrip got listed at Rs 1,015, up 4.96 per cent.

The Rs 1,955 crore initial public offering, which ran from June 26 to June 28, was subscribed 3.6 times led by strong institutional demand.

Varroc Engineering supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson, in addition to Bajaj Auto, Ford, Honda and Volkswagen. It owns 36 manufacturing facilities spread across seven countries, with six facilities for global lighting business, 25 for the Indian business and five for other businesses.

At 03:20 pm, the stock was trading 8.22 per cent higher at Rs 1093 apiece on BSE.

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