Intimation of Acquisition of Foreign Entity by a wholly-owned Subsidiary M/s Kundan Concentrates Private Limited under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Kundan Minerals and Metals Ltd's wholly-owned subsidiary, Kundan Concentrates Private Limited, has acquired a 99.99% stake in Fortuna Peru SAC, a company newly incorporated in February 2025 under the laws of Peru. Fortuna Peru SAC is in the mining and metals sector (gold, graphite, etc.) but has not yet started business operations. The total consideration was approximately 9,999 PEN (around 2,809 USD), paid in cash via account transfer. The acquisition was made from an unrelated third party under the FEMA Automatic Route and has already been completed. Fortuna Peru SAC has now become a step-down subsidiary of the listed company, aimed at expanding the group's international presence in mining and metal trading.
The deal is very small in financial terms (under $3,000) and the target is a newly formed shell with no operations yet, so immediate financial impact on shareholders is minimal. However, it signals the company's strategic intent to expand its mining footprint into Peru, which could become meaningful if operations commence and scale up in the future.