Maithan Alloys Limited has informed the Exchange about acquisition of Equity Shares through Stock Exchange.
MAITHANALL · price
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Maithan Alloys Limited has acquired 21 lakh (2.1 million) equity shares of Canara Bank, representing 0.02% shareholding, for a total consideration of Rs. 29.70 crore on 12th March 2026. The acquisition was made entirely in cash through the stock exchange and is purely an investment decision aimed at earning long-term and short-term returns. The company clarified it has no intention to acquire control, directly or indirectly, over Canara Bank's management. The transaction is not a related-party deal and was carried out at arm's length. Canara Bank, the target entity, is a major public sector bank with a turnover of Rs. 1,19,755 crore and a net worth of Rs. 88,241 crore as of 31st March 2025.
This is a minor treasury investment by Maithan Alloys in a large PSU bank, with negligible impact on either company's shareholding structure. Shareholders should view this as routine portfolio allocation rather than a strategic shift, and it is unlikely to have any material effect on Maithan Alloys' stock price.