Pradeep Metals has acquired 2,24,167 Equity Shares for Rs 22.37 crore of Pradeep Metals Inc., U.S.A., (PML Inc.) the Wholly Owned Subsidiary of the Company.
The said acquisition is in lieu of conversion of Outstanding Loan given by Pradeep Metals to PML Inc., amounting to $26,90,000 (Equivalent to Rs 22.37 crore). Being a Wholly Owned Subsidiary, there is no change in the Shareholding percentage of the Company in Pradeep Metals Inc., pursuant to the said investment.
This investment, being in lieu of conversion of loan to Equity Shares, will help PML Inc. reduce the Financial Cost in its working capital towards repayment of Loan and its Interest.
Pradeep Metals is engaged in the manufacture of precision closed die steel forgings.
