Mumbai-based Time Technoplast has notified that it has entered into an agreement to acquire majority stake in Kompozit-Praha, Czech Republic, for $5.20 million.

The company signed a memorandum of understanding (MoU) with Kompozit-Praha, a composite cylinder manufacturing company, to acquire 70 per cent stake in latter.

Kompozit-Praha was founded by a group of businessmen and aerospace scientists, to produce new generation, low cost, high quality composite cylinder for storing liquefied petroleum gas. While, Time Technoplast Limited engages in the manufacture and sale of technology based polymer products in India.

The scrip of the company closed on Friday with gain of 7% at Rs 47 on BSE. The counter has made 52-week-high and low of Rs 75 and Rs 19 respectively.