We wish to inform that the Board of Directors of the Company at its meeting held today have approved the acquisition of 10,00,000 (ten lakh) equity shares of face value of Rs. 10/- each ....
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Royal India Corporation Ltd (RICL) will acquire 10 lakh equity shares of Suryam India Minecorp Private Limited (SIMPL) at Rs. 15 per share (Rs. 10 face value + Rs. 5 premium), paying a total cash consideration of Rs. 1.5 crore. Post-acquisition, SIMPL will become a 100% Wholly Owned Subsidiary of RICL. SIMPL operates in the mining sector (granite, marble, and natural stones) and holds a 51% stake in Exclusive Quarries Private Limited. The target company was incorporated in September 2024, has a net worth of Rs. 1 crore but zero turnover so far. The deal is expected to close within 3 months and is not a related-party transaction.
This is a small-value diversification move into the mining sector for RICL. Given SIMPL's zero revenue and recent incorporation, there is no immediate financial boost, but it provides future optionality in the mining business through Exclusive Quarries.