Board Meeting Details
The Board of Directors of Mideast Integrated Steels Limited held a meeting on Saturday, May 30, 2026, where they considered and approved the disposal of investment in Mesco Steels Limited.
Transaction Details
Approval for Disposal of Investment in Mesco Steels Limited (Related Party Transaction)
- The Board approved the sale/disposal of the Company's investment/shareholding in Mesco Steels Limited to Mesco Mining Limited
- This constitutes a Related Party Transaction as both the buyer (Mesco Mining Limited) and target company (Mesco Steels Limited) belong to the same management group (Mesco Group) and share common promoters/directors
Target Company Details
- Name: Mesco Steels Limited
- Paid-up Capital: ₹1,33,10,700
- Turnover (FY 2024 audited): NIL
- Area of Business: Iron and steel manufacturing, mining, and allied metallurgical activities
Transaction Specifics
- Shares being sold: 250,000 equity shares (entire stake held by MISL)
- Percentage of paid-up equity: 18.78% of Mesco Steels Limited
- Buyer: Mesco Mining Limited (Unlisted Entity, belongs to Promoter Group/Mesco Group)
- Consideration: Cash payment of ₹1,20,55,000 (₹1.21 crore) as per independent valuer's report
- Transaction Basis: Arm's length basis based on independent valuation report
- Expected Completion: Within 30 days
Rationale
Strategic monetization of non-core financial investments to optimize liquid cash flows and support the core operations of Mideast Integrated Steels Limited.
Financial Impact
The transaction will result in cash inflow of ₹1,20,55,000 to Mideast Integrated Steels Limited upon completion.