Sandur Manganese to acquire 80% stake in Arjas Steel
The company did not reveal the financial details of the deal. However, the enterprise value of Arjas Steel Pvt Ltd (ASPL) is Rs 3,000 crore.
Sandur Manganese & Iron Ores Ltd (SMIORE) on Friday said its board has approved purchase of 80 per cent stake in Arjas Steel Pvt Ltd by entering into a share purchase pact.
The company did not reveal the financial details of the deal. However, the enterprise value of Arjas Steel Pvt Ltd (ASPL) is Rs 3,000 crore.
"The board of directors.... Approved strategic business acquisition through purchase of 80 per cent equity share capital of ASPL, by entering into a share purchase agreement," the company said in a BSE filing.
Additionally, 19.12 per cent stake in ASPL will be acquired by BAG Holdings Pvt Ltd --an entity owned by Bahirji A Ghorpade, one of the promoters of SMIORE.
The deal is expected to complete within seven months, subject to regulatory conditions of the share purchase agreement.
"This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added products manufacturing. It not only unlocks numerous synergies but also represents a meaningful forward integration for SMIORE. The acquisition will take us another step closer to our strategic transition from a merchant miner to an integrated commodity producer," Ghorpade, Managing Director of SMIORE said.
SMIORE is a private-sector merchant miner and commodity producer. The company's operations span over three business segments i.e., mining (manganese and iron ore), ferroalloys, and coke and energy.
Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
03:28 PM IST