Maharashtra Seamless to acquire remaining 41.82% stake in United Seamless Tubulaar

3 Feb 2022 , 09:28 AM

The Board of Directors of Maharashtra Seamless Limited at its meeting held on Wednesday has approved the acquisition of 56,00,000 Equity shares of Rs10/- each (41.82%) at 12.42 per share of United Seamless Tubulaar Pvt. Ltd.

Presently Company holds 77,90,791 equity shares of Rs10/- each comprising 58.18%. After the proposed acquisition, the company will hold the entire 100% equity capital of the target entity.

“USTPL is engaged in the business of manufacturing seamless pipes and tubes. The acquisition will consolidate its business of seamless pipes and tubes,” company said in a filing.

The company’s board has decided to appoint a consultant for future strategy of United Seamless Tubulaar Pvt. Ltd.

At around 9.30 am, Maharashtra Seamless Ltd was trading at Rs562.25 per piece down Rs0.40 or 0.07% from its previous closing of Rs562.65 on the BSE.