Linc Pen & Plastics' shares hits 20% upper circuit at Rs60.75, after the company said it will allot two million shares to Japan-based Mitsubishi Pencil Co. for total consideration of Rs 20 crore on a preferential basis.
'The company has signed a ‘Business and capital alliance agreement' with Mitsubishi Pencil Co. of Japan to issue two million equity shares of Rs10 each at Rs100 per share, comprising 13.53% of the enhanced capital of the company on a preferential allotment basis,' Linc Pen and Plastics said.
The main objective of the ‘capital alliance' is to improve Mitsubishi Pencil's market share and the Uni/Uni-ball brand growth in India by employing Linc Pen's sales/marketing and production capabilities and Mitsubishi Pencil's product development, and writing instrument technology prowess, the company said.
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'The company has signed a ‘Business and capital alliance agreement' with Mitsubishi Pencil Co. of Japan to issue two million equity shares of Rs10 each at Rs100 per share, comprising 13.53% of the enhanced capital of the company on a preferential allotment basis,' Linc Pen and Plastics said.
The main objective of the ‘capital alliance' is to improve Mitsubishi Pencil's market share and the Uni/Uni-ball brand growth in India by employing Linc Pen's sales/marketing and production capabilities and Mitsubishi Pencil's product development, and writing instrument technology prowess, the company said.
....more info