Innomet completes 57.5% acquisition of Swastik Tungsten

Listed Co AcquisitionStrategic Transactions View source PDF Explain this filing

INNOMET · price

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AI summary

Innomet Advanced Materials has completed acquiring 57.50% equity in Swastik Tungsten Private Limited, making it a subsidiary. Innomet was allotted 5,00,600 fresh shares at Rs 30 each, totalling about Rs 1.50 crore via preferential allotment. Swastik makes tungsten metal powder and was previously under the insolvency resolution process, now revived. The deal secures tungsten powder supply for Innomet's THA unit. Not a related party transaction.

Likely market impact

Swastik becomes a subsidiary, securing key raw material supply for Innomet's THA unit. Cash outlay is modest at about Rs 1.5 crore.