Gallantt Metal Ltd approves acquisition of GL Steel and Power Ltd

The Board of Directors of Gallantt Metal Ltd at their meeting held on today the 28th February, 2018, has decided and approved the investment in the equity capital of GL Steel and Power Ltd and granting of loan to GL Steel and Power Ltd.

The Board of Directors of the Company has approved to acquire entire shareholding of M/s. GL Steel and Power Limited with an investment proposal in Equity Shares of M/s. GL Steel and Power Limited upto an amount not exceeding Rs. 1.00 Crore so as to make M/s. GL Steel and Power Limited as a Wholly Owned Subsidiary of the Company.

The Board of Directors also approved to grant a loan of Rs. 10.00 Crores (Rupees Ten Crores only) in one of more trenches which together with the existing loan given, guarantee provided and investment made will not exceed 60% of the paid up capital, reserves and securities premium account.

Source : Equity Bulls

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