Intimation for Completion of Acquisition/Subscription of 51.22% stake in Vaneera Industries Limited (formerly known as Vaneera Industries Private Limited)
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On the reaction day the stock moved 3.3 pts more than Nifty Microcap 250 and 3.6 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Garg Furnace Ltd has completed the acquisition of a 51.22% stake (58,50,000 equity shares) in Vaneera Industries Limited, making it a subsidiary of Garg Furnace. The deal was originally announced on February 12, 2025 and completed on August 21, 2025. The total consideration paid was around Rs. 36.27 crore in cash, at Rs. 62 per share (Rs. 10 face value plus Rs. 52 premium). Vaneera Industries operates in the steel and foundry sector — making ferrous and non-ferrous metal castings, rolling mills, and related products — with a turnover of about Rs. 34.11 crore in FY24. The acquisition is a related party transaction (common promoters and directors), but is being done at arm's length basis. The stated objective is to expand operations and leverage synergies.
Vaneera's revenues and financials will now be consolidated into Garg Furnace's books, which could meaningfully boost the company's top line given Vaneera's turnover is comparable to or larger than Garg Furnace's standalone scale. Since this is a related party deal, minority shareholders should watch for fairness of the acquisition price and any future related party transactions.