New Delhi, Feb 24 (PTI) The Competition Commission of India (CCI) on Thursday approved acquisition of stake in ISMT Ltd by Kirloskar Ferrous Industries Ltd.
Through the proposed combination, Kirloskar Ferrous proposes to acquire sole control of ISMT pursuant to subscription of “a preferential allotment and an open offer to acquire up to 25.05 per cent of the emerging voting capital of the target”, as per a release. By way of the proposed combination, Kirloskar is seeking to acquire up to 51.25 per cent of the emerging voting capital of ISMT and will acquire up to 76.3 per cent, in the eventuality of full acceptance in the open offer.
The acquirer is engaged in the business of manufacturing and sale of pig iron and grey iron castings.
ISMT is engaged in the business of manufacturing steel, seamless tubes, pipes and a number of value-added products, the release said. PTI SRS ABM ABM
