Multibagger stock: This small-cap household appliance company announces the acquisition of a UK-based firm!
Shares of the company have gained more than 10 per cent in the last six months.
Carysil Limited announced that its wholly-owned subsidiary ‘Carysil UK ltd.’ has agreed to acquire 70 per cent of the equity share of ‘The Tap Factory ltd.’ (TTFL) based in Yorkshire, UK. The business of the acquired company is to design and source kitchen and bathroom products, especially modern hot water boiling taps. The company will fund the acquisition from internal accruals. Carysil UK Limited will acquire equity shares of TTFL, priced at £ 1.16 million.
Earlier, the company informed that the company has renewed its contract with “KARRAN INC. USA”, for the supply of quartz kitchen sinks for a value of USD 68 million equivalent to Rs 550 crores over 5 years commencing from FY24.
Carysil Limited was incorporated in 1987 and is engaged in the manufacturing of Composite Quartz Sinks. The company has its manufacturing plant located in Bhavnagar, Gujarat, India and has a total installed production capacity of 10,00,000 sinks per annum as of date, one of the largest manufacturers of Quartz Kitchen Sinks in ASIA.
Carysil Limited has delivered multibagger returns to its shareholders in the last three years. During this period, the company’s share price jumped from Rs 61.55 on April 09, 2020, to Rs 553.80 on April 3, 2023, an increase of about 700 per cent in three years holding period.