Munish Forge Limited Board Approves Investment in Proposed Defence Sector Subsidiary
Munish Forge Limited (MFL) has announced that its Board of Directors has approved an investment into a company yet to be incorporated. This proposed entity is set up as a subsidiary and will focus operations on the Parts for Defence sector.The transaction, which involves capital infusion, is structured at arm's length, according to the company. The target entity is named Munish Defence Solutions Limited, and it belongs to the Defence Sector.
Munish Forge Limited intends the proposed subsidiary to carry out business in the field of Parts for Defence. As the founders will hold a stake in the new venture, the subsidiary Company will be part of a Related Party of MFL upon its incorporation. The promoters will have direct equity participation when the company is established.
The initial investment allocated for this endeavor amounts to up to INR 14,80,000/- and involves cash consideration. Regarding the shareholding structure, the acquisition details indicate 74% relating to FORGE SH LUDHIANA. The shares are being subscribed at face value under the same terms and conditions applicable to all subscribers.
Key details regarding the proposed subsidiary investment include:
| Particulars | Details |
|---|---|
| Target Entity Name | Munish Defence Solutions Limited |
| Industry | Defence Sector |
| Objects of Acquisition | Carrying business in Parts for Defence |
| Transaction Type | Cash consideration |
| Initial Investment Cost | Up to INR 14,80,000/- (at Face Value) |
| Shareholding Acquired | 74% (associated with FORGE SH LUDHIANA) |
Munish Forge Limited confirmed that the incorporation of this company remains subject to the approval of competent authorities. The subsidiary is expected to be incorporated in India.
MUNISH Stock Price Movement
Shares of Munish Forge Limited today slipped by 4.94% to settle at ₹59.45, marking a challenging close after the market session. The company traded a total of 33,600 shares during the period.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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