Promoter Group Acquires Shares in Nova Iron & Steel Ltd for Restructuring
A promoter group, comprising Vintage Steel Private Limited and Titanic Steel Industries Private Limited, has acquired shares in Nova Iron & Steel Limited through a transfer from Mr. Aniket Singal. The acquisition of 32,73,600 shares was executed with the purpose of restructuring among Promoters and Promoter Group of Company.The transaction involves the acquisition of the shares for Rs. 11 per share. Although the total number of shares proposed for acquisition was 32,83,600, the acquirers successfully acquired 32,73,600 shares.
The acquisition results in a significant increase in the shareholding of both acquiring entities within Nova Iron & Steel Limited (NIL). Vintage Steel Private Limited increased its stake from 94,000 shares, representing 0.26% of the total share capital, to 22,93,415 shares, which accounts for 6.35%.
Simultaneously, Titanic Steel Industries Private Limited's holding also saw an increase. The company increased its stake from 11,65,400 shares (3.22%) to 22,39,585 shares, representing 6.20% of the target company’s capital.
The transaction details and the resulting shareholding structure are presented below:
| Entity | Pre-Transaction Shares Held | Pre-Transaction Stake (%) | Post-Transaction Shares Held | Post-Transaction Stake (%) |
|---|---|---|---|---|
| Vintage Steel Private Limited | 94,000 | 0.26% | 22,93,415 | 6.35% |
| Titanic Steel Industries Private Limited | 11,65,400 | 3.22% | 22,39,585 | 6.20% |
| Total Acquirers | 12,59,400 | 3.48% | 45,33,000 | 12.55% |
In the transaction, Mr. Aniket Singal served as the seller or transferor, initially holding 32,73,600 shares, which accounted for 2.06% of the company's capital prior to the acquisition.
Stock Price Movement
Nova Iron & Steel Ltd settled at ₹11.66 on Friday, seeing shares slip 2.75% from the previous close. The stock moved within a day range that stretched from a low of ₹11.51 to a high of ₹12.23.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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