Board approves 100% Wire Brigade acquisition and preferential share issue

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AI summary

Board approved acquiring 100% of Wire Brigade Industries (WBIPL), a steel wire maker in Howrah, West Bengal (FY26 turnover about 109.75 crore rupees, PAT about 2.14 crore rupees). WBIPL will become wholly-owned subsidiary, paid mainly via share swap plus small cash. Also approved preferential issue of up to 14,88,600 equity shares at 228 rupees each (total about 33.94 crore rupees) to 21 allottees including one promoter-group entity for share swap. EGM on October 1, 2026.

Likely market impact

Acquisition adds Eastern India manufacturing capacity; preferential share issuance may dilute existing holders by about 6 to 7 percent pending allotments.