Ashoka Metcast Ltd increases stake in Rhetan TMT Ltd to 89.39%

Ashoka Metcast Ltd has been allotted 400000 Equity Shares of Rhetan TMT Limited (Formerly known as Rhetan Rolling Mills Private Limited) on 22nd January, 2022, upon conversion of loan into equity shares.

Prior to the issue and allotment of shares by Rhetan TMT Limited on 22nd January, 2022, Rhetan TMT Limited was 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 TMT Limited.

The Company has been issued and allotted 400000 Equity Shares at issue price of Rs. 70/- per Equity Share (including premium of Rs. 60/- per Equity Share)

The post holding of the Company in Rhetan TMT Limited will be 11 798950 Equity Shares (89.39%)

Rhetan TMT Limited is into manufacturing of Steel Products like TMT bars and MS Bars etc. The turnover of the company in 2020-21 was Rs. 52,08,89,569/-.

Source : Equity Bulls

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