Balasore Alloys Limited (BSE:513142) entered into scheme of arrangement to acquire 70% stake in Zimbabwe Alloys Limited on December 20, 2017. Balasore Alloys Limited will make a cash payment of $16.47 million for the acquisition of 70% stake from existing shareholders and payment of $74.3 million will be made to creditors, towards injection of working capital and for capital expenditure. The payment to the creditors and shareholders will be made in a staggered manner. The deal is subject to approval by requisite margins of members and creditors of Zimbabwe Alloys Limited. The transaction is also subject to section 191 of Companies Act of Zimbabwe. On December 20, 2017, the High Court of Zimbabwe approved the deal. The deal is expected to be completed in March 2018.