To meet market regulator SEBI’s norm, the promoters need to dilute their current holding of 88 per cent in Shyam Metalics by at least 13 per cent within the next 18 months, Agarwal said.
Shyam Metalics and Energy Ltd, a leading integrated metal-producing company based in Kolkata, has announced their third acquisition of Mittal Corp Limited with a foray into the Stainless Steel / Wire Rod & Bar Mill business.
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News reports said that NARCL has made an offer of Rs228 crore for the debt owed by Mittal Corp. to public sector banks (PSBs) totaling Rs1,414.5 crore. This translates into a 16% recovery for these lenders.