Stock Market Today: MOS Utility Ltd's share price hit a new high after it announced its plan to acquire a 51 per cent stake in Samvriddhi Inclusive Growth Network Pvt Ltd.
MOS Utility's share price opened at ₹320 on the NSE on Friday, higher than the previous close of ₹314.85. However, it gained further. The share price hit a one-year high of ₹332.90 during intraday trades, which also remains a new high.
MOS Utility share has given multibagger returns to investors, having risen more than threefold from ₹97 to ₹320 during the last one year.
MOS Utility Limited, which offers consumers and enterprises a range of fintech and utility payment solutions services, has announced that it has entered into a share subscription or share purchase agreement to acquire 51 per cent equity shares of Samvriddhi Inclusive Growth Network Private Limited. The latter is engaged in the business of providing financial services on a pan-India basis through its network of agents.
The company expects to complete the acquisition by September 2024.
According to recent bulk deal data available on the NSE, on September 5, 2024, Minerva Ventures Fund and Saint Capital Fund acquired a stake in MOS Utility at an average price of ₹285.94 and ₹285, respectively.
MOS Utility has added certain new business activities related to manufacturing, assembling, purchasing, importing, exporting, and dealing in India or abroad in all types of solar PV modules, cells, batteries, and energy storage devices. It also has conversion and generation devices, appliances, gadgets, equipment, and products including power packs, generators, and solar panels.
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