Carborundum Universal (CUMI) shares had rallied 5 per cent to hit a new high of Rs 800 on the Bombay Stock Exchange in intra-day trade on Friday after the company said it has entered into a definitive agreement for acquiring a controlling stake in PLUSS Advanced Technologies Private Limited (PLUSS) at an initial investment of Rs 115 crore.

The investment is proposed to be made by acquiring the equity shares of PLUSS from the existing shareholders, including promoters, and subscribing to additional equity capital in PLUSS.

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“On 26th August 2021, CUMI had entered into a Shareholders Subscription Agreement with PLUSS and its existing promoters as well as share purchase agreements with its existing shareholders, including Tata Capital Innovations Fund, a Venture Capital Fund of Tata Capital, a financial investor in the Company. CUMI will hold about 72 per cent stake; post enhances capital of PLUSS,” the company said.

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