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Sandur Manganese to acquire balance 18.76% equity stake in SMPPL

16 Nov 2015 Evaluate

Sandur Manganese & Iron Ores has received an approval for acquisition of balance 18.76% comprising 1,73,75,000 number of equity shares of Star Metallics and Power (SMPPL) to make it a wholly owned subsidiary (WoS). The board of director at their meeting held on November 14, 2015 has approved for the same. The company is already holding 81.24% of the equity share capital of SMPPL.

Further, the board has accorded its approval for taking on lease, for a period of three years, the Ferro Alloy Plant and Captive Power Plant from its subsidiary SMPPL.

Sandur Manganese & Iron Ores is engaged in the business of low phosphorous, manganese and iron ores mining.


Peers
Company Name CMP
Coal India 393.50
NMDC 67.66
Ashapura Minechem 427.65
Sandur Manganese 168.00
GMDC 438.85
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