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Vraj Iron & Steel Ltd. ( (IN:VRAJ) ) just unveiled an announcement.
Gopal Sponge and Power Private Ltd, part of the promoter group of Vraj Iron & Steel Ltd, has acquired 5,555,500 equity shares of the company via an off-market inter-se transfer. The transfer followed a sanctioned merger in which three group entities, including VA Transport Pvt Ltd, were amalgamated into Gopal Sponge.
As a result of the transaction, Gopal Sponge’s stake in Vraj Iron & Steel rose from 54.52% to 71.36% of the company’s equity share capital. The acquisition is exempt from an open offer under Regulation 10(1)(d)(iii) of SEBI’s SAST Regulations, formalizing a consolidation of promoter holdings without triggering additional public offer obligations.
More about Vraj Iron & Steel Ltd.
Vraj Iron & Steel Ltd operates in the steel and allied products sector, with its shares listed on both the National Stock Exchange and BSE. The company is backed by a promoter group that includes Gopal Sponge and Power Private Ltd, which plays a key role in strategic shareholding and corporate restructurings within the group.
Average Trading Volume: 4,715
Technical Sentiment Signal: Strong Sell
Current Market Cap: 4.25B INR
Find detailed analytics on VRAJ stock on TipRanks’ Stock Analysis page.