Gokaldas Exports’ shares rallied as much as 8.5% in the early trade on February 2 after the textile company announced the acquisition of Matrix Design & Industries and posted 28% quarter-on-quarter growth in consolidated net profit. 

Gokaldas Exports’ shares hit an intraday high of Rs 987, 8.55% higher than its previous closing price on the National Stock Exchange (NSE). The stock closed 3.06% higher at Rs 937. 

In a press release, the company said it inked a definitive agreement with Matrix Clothing Private Limited to acquire 100% of its equity share capital of Matrix Design & Industries Private Limited for an enterprise value of Rs 489 crore. 

Out of the total deal value, 247.5 crores will be paid through preferential allotment of Gokaldas Exports shares via a share swap. 

Matrix Clothing Group manufactures knitwear apparel for various brands out of its manufacturing facilities, four in Gurgaon, Haryana, and one in Ranchi, Jharkhand.