Intimation for Withdrawal of Acquisition of Foreign Entity by Wholly Owned Subsidiary Kundan Concentrates Private Limited under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Kundan Minerals and Metals Ltd has informed the stock exchanges that its wholly owned subsidiary, Kundan Concentrates Private Limited (KCPL), has cancelled its planned acquisition of a foreign entity. The deal, originally announced on 18 September 2025, could not be completed due to technical issues in the transfer of shares to KCPL. As a result, the proposed acquisition transaction stands cancelled, and KCPL is now in the process of claiming a refund of the funds deployed. The company has disclosed this to the exchanges under SEBI Listing Regulations.
This is a neutral-to-slightly-negative development as the company is walking back a previously announced growth initiative. Shareholders should note that the planned overseas expansion through KCPL will not materialise, though the company is recovering its money, limiting financial damage.