19.57 lakh shares allotted at Rs 1,460.50 for Thriveni Pellets stake
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On the reaction day the stock moved 1.6 pts less than Nifty Midcap 150 and 1.1 pts less than its Industrial Minerals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board allotted 19,57,458 fully paid shares at Rs 1,460.50 each, worth Rs 285.88 crore, to non-promoter Adler Industrial Services. The shares were issued in exchange for acquiring 49% of Thriveni Pellets from Adler and 0.99% from Thriveni Earthmovers. Paid-up shares increased from 52,64,48,232 to 52,84,05,690. Listing approval is pending.
Existing shareholders will have a slightly lower ownership percentage. The deal adds a 49% stake in Thriveni Pellets without using company cash.