Shares of Midwest Gold Ltd gained 2% on Friday to ₹1,878.10 after the company’s board approved the amalgamation of its wholly owned subsidiary, Midwest Energy Private Limited, with itself.
The amalgamation will be carried out under the provisions of the Companies Act, 2013, and is subject to requisite statutory and regulatory approvals. The company clarified that since Midwest Energy is a wholly owned subsidiary, no new shares will be issued, and there will be no change in the shareholding pattern of Midwest Gold.
Midwest Gold is primarily engaged in mining and processing of minerals, while Midwest Energy operates in the design, development, and manufacturing of advanced battery packs and battery management systems. The company said the merger will help combine complementary businesses, allowing operations to be carried out more effectively and advantageously.
The move is expected to streamline operations, consolidate financials, and unlock synergies between the mineral processing and advanced energy solutions businesses of the two entities.
