Gokaldas Exports hits upper circuit to double share price in 2023
Aug 29, 2023
New Delhi [India], August 29 : Shares of Gokaldas Exports hit a 20 per cent upper circuit on Tuesday and in the process doubled so far in 2023.
It was at Rs 735.35 per share with 20 per cent upper circuit at the time of writing this report. The upper circuit is the highest possible price that the stock of a firm can trade at on that particular day.
Gokaldas Exports Limited (GEL) is a leading readymade garment manufacturer and exporter in India
Today’s sharp rise in share prices comes after the company made an acquisition announcement on Monday. Gokaldas Exports Limited (GEL) through its wholly owned subsidiaries has entered into an agreement to acquire Atraco Group (Atraco), a leading manufacturer of apparel across the US and Europe. Their product range includes shorts, pants, shirts, t-shirts, blouses and dresses catering across age groups.
The equity value of the transaction is USD 55 million and the transaction is expected to be closed by Q3 2023-24.
Atraco was founded in 1986. Atraco operates with a network of four manufacturing units in Kenya and one in Ethiopia producing about 40 million garments.
