TMT India Board Approves Capital Hike, Shakti Auto Acquisition

TMT India Ltd's Board of Directors has approved a significant capital restructuring and acquisition plan. The company proposes to increase its authorized share capital from ₹10 Crore to ₹100 Crore. A major development is the approval to acquire 100% of Shakti Auto Industries Private Limited through a Share Purchase and Share Subscription Agreement. Additionally, the board greenlit preferential issues of equity shares for cash and share swaps to facilitate the acquisition and for other purposes. The company also plans to alter its Memorandum and Articles of Association, enhance borrowing limits to ₹500 Crores, and increase limits for asset charges. A significant rebranding is also on the cards, with a proposal to change the company name to 'Shakti Auto Industries Limited'. The registered office is also proposed to be shifted from Telangana to Maharashtra.