Maithan Alloys Limited has completed the acquisition of a 0.02% stake in REC Limited, a Maharatna company under the Ministry of Power, for ₹8.41 crore. The acquisition was made through the stock exchange and is intended for investment purposes, with no intention of taking control of REC Limited.
The transaction occurred on October 3, 2024, and Maithan Alloys reported the details on October 4, 2024. As of the acquisition, Maithan Alloys holds a total of 0.02% shareholding in REC Limited, equating to 552,000 shares. This purchase aligns with Maithan Alloys’ strategy of making investments for potential long-term or short-term gains.
REC Limited is a registered Non-Banking Finance Company that funds the power infrastructure sector and has diversified into non-power infrastructure as well. Its turnover for the financial year 2023-24 stood at ₹47,146 crore.
This move by Maithan Alloys is not related to any business diversification but is part of its portfolio investment strategy, aiming to benefit from the financial growth of REC Limited.
