Kirloskar Ferrous Industries Limited (BSE:500245) agreed to acquire the remaining 23.7% stake in ISMT Limited (BSE:532479) from its shareholders on November 5, 2022. Kirloskar Ferrous Industries Limited will issue 17 shares for every 100 shares of ISMT Limited. The transaction is subject to shareholder approval of both Kirloskar Ferrous Industries and ISMT Limited, approval from the Hon?ble National Company Law Tribunal, Stock Exchanges, the Securities and Exchange Board of India, and creditors.

The transaction has been approved by both the board of Kirloskar Ferrous Industries and ISMT Limited. The transaction is expected to close on April 1, 2023. JM Financial Limited (BSE:523405) provided fairness opinion to Kirloskar Ferrous Industries Limited.