Shares of Manaksia Steels were locked in their 10% upper circuit at Rs 10.93, a day after the company announced the acquisition of shares on Manaksia Limited.
The company has acquired 13.25 lakh shares of Manaksia Limited on September 16 through market purchase at Rs 39.65 per shares for total consideration of Rs 5,26,61,008.
Consequent upon the aforesaid acquisition, the revised shareholding of the company in Manaksia Limited has been increased from 4.08% to 6.10%.
Manaksia Steels acquired these shares through market purchase at the available price and accordingly the transaction was not a related party transaction.
Manaksia Steels is a promoter group company of Manaksia Limited. Promoter and promoter group of Manaksia Steels are also among the promoter/promoter group of Manaksia Limited and as such the promoter/promoter group of Manaksia Steels have an interest in Manaksia Limited.
The promoter’s holding in Manaksia Limited has been increased from 72.91% to 74.93% due to this acquisition.
Manaksia Steels manufactures value added secondary steel products. The company offers hot/cold rolled products of steel. It operates through Metals segment. It also manufactures and sells steel products consisting of Cold Rolled Sheets, which are used in interior and exterior panels of automobiles, buses and commercial vehicles; Galvanised Corrugated Sheets, which are used in the rural housing sector and factory buildings; Galvanised Plain Sheets, which are used in the manufacture of containers and water tanks, and Colour Coated (Pre-painted) Coils and Sheets for sale to construction, housing, consumer durable and other industries. The Company has a 120,000 million tons per annum (MTPA) steel cold rolling plant at Haldia for manufacture of Cold Rolled Coils and Sheets, and continuous galvanizing plants at Bankura (30,000 MTPA) and Haldia (60,000 MTPA). The Company has also facilities for roll forming/profiling for direct supply to projects for industrial roofing.
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