Maharashtra Seamless Ltd to acquire United Seamless Tubulaar Pvt Ltd

The Board of Directors of Maharashtra Seamless Limited at its meeting held today has approved acquisition of 56,00,000 Equity shares of Rs. 10/- each (41.82%) of United Seamless Tubulaar Pvt. Ltd.

The acquisition will consolidate its business of seamless pipes and tubes.

The cost of acquisition is Rs. 12.42 per share as per valuation report of independent valuer, pursuant to Rule 11 UA(1) of Income Tax Rules, 1962 and other applicable provisions.

Presently Company holds 77,90,791 equity shares of Rs. 10/- each comprising 58.18% and propose to acquire remaining 56,00,000 equity shares comprising 41.82%. After the proposed acquisition, the Company will hold entire 100% equity capital of the target entity.

Shares of Maharashtra Seamless Limited was last trading in BSE at Rs. 562.65 as compared to the previous close of Rs. 536.80. The total number of shares traded during the day was 36226 in over 2059 trades.

The stock hit an intraday high of Rs. 572.85 and intraday low of 524.00. The net turnover during the day was Rs. 20392186.00.

Source : Equity Bulls

Keywords

MaharashtraSeamless INE271B01025 MAHSEAMLES Acquisition UnitedSeamlessTubulaar