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Maithan Alloys Buys Shares in Major Defence and Natural Gas Companies

20 June 20243 mins read by Angel One
Maithan Alloys announced the acquisition of shares in Bharat Electronics Ltd, GAIL (India) Ltd, and Hindustan Aeronautics Ltd, aiming for investment benefits.
Maithan Alloys Buys Shares in Major Defence and Natural Gas Companies
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On June 13, 2024, Maithan Alloys Limited informed in a stock exchange filing about the acquisition of equity shares of listed entities Bharat Electronics Ltd, Gail (lndia) Ltd and Hindustan Aeronautics Ltd through the Stock Exchange.

Acquisition of Shares in Bharat Electronics Ltd

Maithan Alloys acquired shares in Bharat Electronics Ltd on June 12, 2024, and was completed on the same day. The acquisition was made through cash consideration, with a total cost of ₹20.04 crore. 6,85,000 shares were acquired, representing 0.01% of the shareholding. In total, Maithan Alloys holds 56,02,000 shares, amounting to 0.08% of the shareholding.

The company stated that the shares were acquired with a view to reap the long-term/short-term investment benefits.

Bharat Electronics Limited (BEL) is a Navratna Public Sector Undertaking (PSU) under the Ministry of Defence, Government of India. The company specialises in manufacturing advanced electronic products and systems for the Indian Armed Forces.

Acquisition of Shares in Gail (India) Ltd

Maithan Alloys acquired shares in Gail (India) Ltd on June 12, 2024. The acquisition was made through cash consideration, with a total cost of ₹30.05 crore. 13,79,000 shares were acquired, representing 0.02% of the shareholding. In total, Maithan Alloys holds 62,09,700 shares, amounting to 0.09% of the shareholding in Gail (India) Ltd.

The company stated that the shares were acquired with the aim of reaping long-term or short-term investment benefits.

GAIL (India) Limited is the largest state-owned company in India for natural gas processing and distribution.

Acquisition of Shares in Hindustan Aeronautics Ltd

Maithan Alloys acquired shares in Hindustan Aeronautics Ltd on June 12, 2024. The acquisition was made through cash consideration, with a total cost of ₹20.14 crore. 41,000 shares were acquired, representing 0.01% of the shareholding. In total, Maithan Alloys holds 2,94,778 shares, amounting to 0.04% of the shareholding, in Hindustan Aeronautics Ltd.

The company stated that the shares were acquired to reap long-term or short-term investment benefits.

Hindustan Aeronautics Limited is a public sector company under the Department of Defence Production, Ministry of Defence. The company designs, develops, manufactures, repairs, overhauls, upgrades, and services a comprehensive range of products, such as aircraft, helicopters, aero engines, avionics, accessories, and aerospace structures.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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