Maharashtra Seamless announces split into 2 companies pending approvals
Maharashtra Seamless Ltd. just announced it's breaking into two separate companies: MSL Seamless Tubes Ltd. and United Seamless Ltd.
The idea is to keep their Maharashtra, Telangana, and Rajasthan businesses more focused.
This split still needs the green light from the jurisdictional NCLT bench and the approval of shareholders and/or creditors, along with any additional approvals that may be required from the Central government or other competent authorities/intermediaries/agencies.
Promoters to hold 70.3% stakes
If you're a shareholder, here's the deal: promoters will own 70.3% of both new companies, while public investors get 29.69%.
For every five shares you have now, you'll get one share in each new company (record date yet to be determined).
MSL Seamless Tubes will handle pipes and solar power in Maharashtra; United Seamless takes over operations in Telangana plus solar plants in Rajasthan.
The stock has already jumped 25% this year.