Aromatic Steel Acquires 9.22% Stake in Nova Iron & Steel

Aromatic Steel Private Limited, a member of the promoter group, is acquiring 33,31,000 equity shares, representing 9.22% of the total share capital, in Nova Iron & Steel Limited from Nilanchal Investments Private Limited. The transaction is an off-market deal at Rs. 11 per share, with a total value of Rs. 3.66 crore. This acquisition is part of a restructuring among members of the promoter group. Following the transaction, Aromatic Steel's shareholding in Nova Iron & Steel will increase from 9.46% to 18.67%. The acquisition is exempted from an open offer under Regulation 10(1)(a)(iv) of SEBI (SAST) Regulations, 2011.