New Delhi, Sandur Manganese and Iron Ore Ltd (SMIORE) on Friday said its stock exchange has approved the acquisition of 80 per cent stake in Arjas Steel Pvt Ltd by entering into a share purchase agreement.
The company did not disclose financial details of the deal. However, Arjas Steel Private Limited (ASPL) has an enterprise value of Rs 3,000 crore.
"The board of directors approved the strategic business acquisition by way of 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 be completed within seven months, subject to the regulatory terms of the share purchase agreement.
“This acquisition is an important milestone for SMIORE as we venture into the manufacturing of steel and value-added products. It not only opens up many synergies but also represents a meaningful further integration for SMIORE. This acquisition This will take us another step closer to our strategic transformation from merchant miner to an integrated commodity producer,” said Ghorpade, Managing Director of SMIORE.
SMIORE is a private sector merchant mining company and commodity producer. The company's operations span three business segments i.e. Mining (Manganese and Iron Ore), Ferroalloys, and Coke and Energy.
The company did not disclose financial details of the deal. However, Arjas Steel Private Limited (ASPL) has an enterprise value of Rs 3,000 crore.
"The board of directors approved the strategic business acquisition by way of 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 be completed within seven months, subject to the regulatory terms of the share purchase agreement.
“This acquisition is an important milestone for SMIORE as we venture into the manufacturing of steel and value-added products. It not only opens up many synergies but also represents a meaningful further integration for SMIORE. This acquisition This will take us another step closer to our strategic transformation from merchant miner to an integrated commodity producer,” said Ghorpade, Managing Director of SMIORE.
SMIORE is a private sector merchant mining company and commodity producer. The company's operations span three business segments i.e. Mining (Manganese and Iron Ore), Ferroalloys, and Coke and Energy.
