Magna Electro Castings inks pact to acquire 7.8% stake in First Energy TN 1

14 May 2022 Evaluate

Magna Electro Castings has entered into a share purchase and shareholders agreement with First Energy for acquisition of 7.8% of paid up share capital in First Energy TN 1. The object of acquisition of 7.8% shares is to comply with the minimum shareholding requirement of 26% under the captive project rules along with other captive users. The transaction is expected to be completed by June 30, 2022, subject to achieving agreed milestones as per the agreement. The cost of acquisition is not exceeding Rs 1.5 crore.

Magna Electro Castings Limited is engaged in the manufacture and selling of ductile, grey and SiMo castings in the weight range of 800 grams to 500 kilograms per piece. The Company also supplies machined castings.

Magna ElectroCasting Share Price

431.00 5.05 (1.19%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
Electrost Castings 180.00
AIA Engineering 3963.00
Kirloskar Ferrous 540.00
Nelcast 128.10
Alicon Castalloy 819.90
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.