Tega Industries Ltd receives NCLT approval for resolution plan of McNally Sayaji Engineering Ltd

Hon'ble National Company Law Tribunal, Kolkata Bench (NCLT), has today, i.e. February 24, 2023 pronounced the Order approving the Resolution Plan of Tega Industries Limited (the "Company") for acquisition of McNally Sayaji Engineering Limited.

This acquisition is directed to holistic valuecreation for the benefit of all Tega's stakeholders. It shall be a transformational journey for Tega, from being a global leader in design and manufacturing 'critical-to-operate' consumables to becoming a leading value player in manufacturing innovative and sustainable mineral processing equipment.

Acquisition of an Original Equipment Manufacturer (OEM) for mining and mineral beneficiation is expected to not only enhance the Company's India footprint but will also offer comprehensive solutions to global clients through our wide product portfolio.

It is expected that the acquisition shall enhance the Company's overall sustainability. The value addition available to the Company from the acquisition is expected to enhance margins, which could translate into enhanced market share and profitability.

Shares of Tega Industries Ltd was last trading in BSE at Rs. 643.00 as compared to the previous close of Rs. 638.10. The total number of shares traded during the day was 6293 in over 825 trades.

The stock hit an intraday high of Rs. 649.00 and intraday low of 635.45. The net turnover during the day was Rs. 4034737.00.

Source : Equity Bulls

Keywords

NCLT Kolkata ResolutionPlan Approval TegaIndustries McNallySayajiEngineering