Monday, 25 June 2018

FREE STOCK TIPS@3M India to seek shareholders’ nod for 3M Electro & Comm. acquisition

3M India's board has decided to seek shareholders’ approval for acquisition of 3M Electro & Communication.

The company would be investing in the entire issued and outstanding equity share capital (viz. 500,000 equity shares of Rs10/each) for a total amount of not more than Rs590cr. 3M Electro & Communication is a subsidiary of 3M Company, US.

The company has also provided calendar of main events for the Postal Ballot.
1. Cutoff date/ Benpos date for sending Notice to Members - Friday, June 22, 2018.
2. Voting period starts on Wednesday, June 27, 2018 and ends on Tuesday, July 26, 2018.
3. Scrutinizer's Report and date of declaration of results of the Postal Ballot Wednesday, July 27, 2018.

3M India, the arm of US MNC 3M Co. will benefit from growth in flagship product Scotch-Brite, traction in safety & graphics and energy segments, however valuation demanding at 50xFY20E EPS.

3M India is one of the fastest growing subsidiaries of 3M. It is present in industrial (41.7% of FY18 sales), safety and graphics (25.6%), healthcare (15.5%), consumer products (10.6%), energy (6%) and others (0.6%). It has famous brands like Scotch in its kitty and offers products like Scotch-Brite, Scotch magic tape and Scotch glue stick.

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