Gallard Steel Ltd to Acquire 30,700 Sq Mt Industrial Land in Pithampur
Gallard Steel Limited has received a Letter of Intent from the Madhya Pradesh Industrial Development Corporation (MPIDC) for the allotment of leasehold industrial land. The acquisition is situated at Industrial Smart Industrial Township, Pithampur Sector-7, District Indore, in Madhya Pradesh.The company applied for the allotment of Plot no. A-09-A, which measures an area of 30,700.00 Sq Mt. This strategic acquisition is intended to align with the company's long-term expansion strategy. Management expects the move to strengthen and augment operational capabilities, enable capacity expansion, diversify the product portfolio, and support future business opportunities.
The financial details and specifics regarding the land acquisition are outlined in the table below:
| Item | Details |
|---|---|
| Property Description | Lease hold Industrial Land (Plot no. A-09-A) |
| Total Area | 30,700.00 Sq Mt |
| Location | Sector-7, Pithampur, District Indore, Madhya Pradesh |
| Acquiring Entity | Gallard Steel Limited |
| Granting Authority | Madhya Pradesh Industrial Development Corporation (MPIDC) |
| Transaction Consideration | Rs. 7.02 Crore |
The transaction is not categorized as a related party transaction. Furthermore, the acquisition of this leasehold industrial land is not part of any Scheme of Arrangement. The company confirmed that no shares are being issued in exchange for the transaction and that none of the sellers belong to the promoter group or group companies.
Stock Price Movement
Shares of Gallard Steel Ltd today tumbled 3.73% to settle at ₹155.00. The stock saw significant pressure during the session, finding a bottom of ₹150.10 before recovering slightly toward the close.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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