Sandur Manganese & Iron Ores Ltd acquires further stake in subsidiary

The Board of Directors of Sandur Manganese & Iron Ores Ltd at its meeting held on November 14, 2015, has announced further acquisition of stake in subsidiary.

The Company is since holding 81.24% of the equity share capital of Star Metallics and Power Private Limited (SMPPL), a subsidiary of the Company, approval has been accorded by the Board for acquisition of balance 18.76% (1,73,75,000 number of shares) of equity shares of SMPPL to make it a Wholly owned Subsidiary (WoS).

The Board has accorded its approval for taking on lease, for a period of three years, the Ferroalloy Plant and Captive Power Plant from its subsidiary SMPPL.

Shares of SANDUR MANGANESE & IRON ORES LTD. was last trading in BSE at Rs.484 as compared to the previous close of Rs. 498. The total number of shares traded during the day was 1146 in over 36 trades.

The stock hit an intraday high of Rs. 495 and intraday low of 482.25. The net turnover during the day was Rs. 560373.

Source : Equity Bulls

Keywords