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Gokaldas Exports Share Price: Gokaldas Exports, a clothing business, has announced the acquisition of Dubai-headquartered Atraco Group. Shares of Gokaldas Exports took an upper circuit of 20% on Tuesday after this announcement. The stock touched a level of ₹736.30 per share during trading. The stock also has a 52-week high. Explain that the share price of Gokaldas Exports is up more than 88% so far this year, while the stock has jumped more than 95% in the past one year.
Details of the transaction
Gokaldas Exports has entered into an agreement to acquire Atraco Group (Atraco) through its wholly owned subsidiaries. The equity value of the transaction is $55 million. Gokaldas Exports informed the stock market that the deal will involve acquisition of shares and assets. Explain that Atraco has a strong presence in the US and Europe. Its items include shorts, pants, shirts, T-shirts, blouses and dresses for all age groups.
The IPO listed at a premium of 12%, followed by a rush to sell the shares, a lower circuit started.
About Atraco Group
Atraco Group’s revenue for calendar year 2022 is approximately $107 million with a profit of $7.2 million. It has 13,000 employees spread across multiple locations in Kenya, Ethiopia and the United Arab Emirates. It is headquartered in Dubai, United Arab Emirates. Here the work related to marketing, sourcing, corporate etc. of the company is done. Atraco operates with a network of four manufacturing units in Kenya and one in Ethiopia, producing approximately 40 million garments annually.