Rhetan Rolling Mills Private Limited becomes 100% subsidiary of Ashoka Metcast Limited

Ashoka Metcast Limited has acquired 7,40,000 (64.91) Equity Shares of Rhetan Rolling Mills Private Limited on October 12, 2020.

The acquisition would fall under related party transactions as per Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, since the transaction is acquisition of shares.

Rhetan Rolling Mills Private limited is a Wholly Owned Subsidiary of the Company. Promoters and Directors of the Company Mr. Shalin A. Shah and Mr. Ashok C. Shah are also the Promoters and Directors of the target Company and as such are interested in Rhetan Rolling Mills Private Limited.

The Company has acquired the shares at face value i.e. at Rs. 100/- per equity share. The transaction is at arm's length.

The Company had granted loan to its Wholly owned Subsidiary viz. Rhetan Rolling Mills Private Limited. The same has been converted into equity. Consequent to the current acquisition the Company now holds 100% equity stake i.e. 11,40,000 equity shares in Rhetan Rolling Mills Private Limited.

Source : Equity Bulls

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