NSE: MAITHANAL: Rs.1,065.75(+0,36%) at 13:14 pm 22 nov 2024
Maithan Alloys is engaged in the business of manufacturing and exporting of all three bulk Ferro alloys- Ferro Manganese, Silico Manganese and Ferro Silicon. It is also engaged in the generation and supply of Wind Power and has a Captive Power Plant.
Maithan Alloys Limited has recently shared details regarding its investment in State Bank of India (SBI) in a letter to various stock exchanges. Here are the key highlights of the investment:
- Target Entity: The investment was made in shares of State Bank of India (SBI), a prominent public sector bank.
- Acquisition Date: The shares were acquired on November 21, 2024, at 3:30 PM.
- Acquisition Method: The shares were purchased through the stock exchange.
- Purpose of Acquisition: This acquisition is aligned with Maithan Alloys’ investment strategy to generate long-term or short-term returns, with no intention of gaining control over SBI’s management.
- Related Party Transactions: The acquisition does not involve any related party transactions. Additionally, neither Maithan Alloys’ promoters nor the promoter group has any stake in SBI.
- Consideration: The acquisition was made with cash consideration.
- Cost of Acquisition: Maithan Alloys invested a total of ₹10.10 Crore for the shares acquired on November 21, 2024.
- Shareholding Acquired:
- On November 21, 2024, Maithan Alloys acquired 518,500 shares of SBI, accounting for 0.01% of SBI’s total shareholding.
- As of November 21, 2024, Maithan Alloys’ total holdings in SBI amounted to 1,192,217 shares, representing 0.013% of the total shareholding.
Key Takeaways:
- Maithan Alloys has made a strategic investment in SBI through the stock exchange.
- The investment is intended for financial returns and does not involve any intention to control SBI.
- The acquired stake represents a small portion of SBI’s total shareholding.
- The details regarding SBI’s background and performance are based on publicly available information.
