Prince Pipes shares up 2% on acquiring bathware brand ‘Aquel’

Prince Pipes and Fittings: The acquisition of the ‘Aquel’ brand (including all its intellectual property rights) along with other assets will help the company in setting up an inhouse manufacturing facility resulting in building greater value in Bathware segment

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Shares of Prince Pipes and Fittings gained 2 percent in early trade on March 21 after the company entered into an asset purchase agreement with Klaus Waren Fixtures Private Limited and NM Shah for the purchase of assets.

At 9:20am, Prince Pipes & Fittings was quoting Rs 539.80, up Rs 9.95, or 1.88 percent, on the BSE.

“The board of directors of Prince Pipes and Fittings on March 20 approved the acquisition of certain assets, including the ‘Aquel’ brand (along with all the relevant intellectual property), land, buildings and miscellaneous civil structures, plant and machinery, dies, tools and fixtures, and other office equipment, in two tranches, for an aggregate consideration of not more Rs 55 crore vide an asset purchase agreement with Klaus Waren Fixtures Private Limited and Narshi Mulji Shah,” an exchange filing said.

The acquisition of the ‘Aquel’ brand (including all its intellectual property rights) along with other assets will help the company in setting up an inhouse manufacturing facility resulting in building greater value in Bathware segment, company said.

The acquisition will be funded through internal accruals and is structured in two phases, it added.

The said acquisition require consent and permission from the Collector Office, Revenue Branch, Bhuj, Gujarat, along with any other governmental authority, if any, for the transfer of the land parcels

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The first phase shall constitute the acquisition of the iconic Aquel brand along with the acquisition of moulds and dies, on an immediate basis.

The second phase will be in relation to the acquisition of the assets comprising of land parcel, buildings, machinery and manufacturing equipment, office furniture and fixtures situated at Klaus Waren’s plant in Bhuj, Gujarat.

The first tranche of the acquisition of the relevant assets is to be completed within 10 days from execution, while the second tranche of the acquisition of the relevant assets is to be completed by October 15, 2024.