Shyam Metalics and Energy said that its material wholly-owned subsidiary, Shyam Sel and Power (SSPL) has purchased 100% stake in one of the promoter group company, SMEL Steel Structural for total consideration of Rs 1 lakh.
SSPL has purchased 10,000 equity shares in one of the promoter company namely SMEL Steel Structure Private which 5,000 shares were held by Sheetij Agarwal and 5,000 shares were held by Shubham Agarwal.
Sheetij Agarwal is the promoter director of Shyam Metalics and Energy (SMEL) and SMEL Steel Structural (SSSPL) who was holding 5000 equity shares in SSSPL while Shubham Agarwal is the relative of promoters of the company, who was holding 5000 equity shares in SSSPL, thus said transactions are done at arms length basis.
The main object of entity being acquired is to set up manufacturing facilities for metal and metal products including Aluminium Foil, Aluminium Flat Rolled Products, Casters, CRM, Foil Stocks, etc.
Consequent upon the above purchase of the entire stake of shareholdings in SMEL Steel Structural, it has become the wholly-owned subsidiary of SSPL and step-down subsidiary of Shyam Metalics and Energy.
Shyam Metalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company is amongst the largest producers of ferro alloys, one of the leading players in terms of pellet capacity and the fourth largest player in the sponge iron industry in terms of sponge iron capacity in India.
The company reported 35.31% jump in consolidated net profit to Rs 276.14 crore in Q1 FY25 from Rs 204.08 crore in Q1 FY24. Revenue from operations grew by 8.36% year on year to Rs 3,611.61 in the quarter ended 30 June 2024.
Th scrip shed 0.57% to settle at Rs 804.70 on Friday, 23 August 2024.
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First Published: Aug 24 2024 | 9:00 AM IST
