Rama Steel to acquire 51% in Ashoka Infrasteel and 50% in Hagar Mega Mart

6 Jul 2022 , 04:00 PM

Rama Steel Tubes has acquired 51% stake in Ashoka lnfrasteel, a partnership firm and 50% stake in M/s Hagar Mega Mart by issuance of fresh shares of the company. The acquisition of Ashoka lnfrasteel enables Rama Steel Tubes to go a step further into the distribution chain and consolidate its market in the galvanized steel pipes segment. The acquisition of Hagar Mega Mart enables the company to enter into a new segment of Sanitary ware, bathroom accessories, faucets, vanities, sinks & drains in different finishes and varieties. Total consideration for expansion initiatives is upto Rs 33 crore . The discharge of consideration is through issuance of fully paid of equity shares of RSTL aggregating to maximum amount of Rs 32 crore at a price as may be determined in accordance with SEBI (ICDR) Regulations,2OtB and remaining through cash consideration. Powered by Capital Market – Live News