Board approves 51% Teneron acquisition, name change to Novalum Materials
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved acquiring up to 51% of Teneron Limited, an aluminium recycling firm with FY25 revenue of Rs. 7,080 crore, via cash consideration. It is a related party deal. Company also approved changing name to Novalum Materials Limited, a 1:5 stock split (Rs. 10 to Rs. 2 face value), raising authorized capital to Rs. 40 crore, and material related party transactions of up to Rs. 250 crore with Teneron. All major items need shareholder approval at AGM on 6 August 2026.
Strategic pivot into aluminium recycling via related-party acquisition. Name change and stock split signal new direction. Pending shareholder approval.