Mangalore Refinery and Petrochemicals Ltd (MRPL) has permitted rising its stake in Mangalore SEZ Ltd (MSEZ) from 0.96 per cent to 27.92 per cent by buying fairness shares from IL&FS at a price of ₹65.66 crore.
MRPL knowledgeable inventory exchanges that the assembly of the board of administrators of MRPL on January 20, 2025, permitted acquisition of MSEZ’s 1,34,80,000 fairness shares of ₹10 every from IL&FS at revised worth. After this acquisition, fairness stake of the corporate shall enhance from 0.96 per cent to 27.92 per cent in MSEZ, it stated. ONGC is a promoter of MRPL and MSEZ.
In its board assembly held on March 22, 2024, the corporate had permitted the acquisition of 1,34,80,000 fairness shares of MSEZ from IL&FS. The acquisition value talked about at the moment was ₹47.18 crore (1,34,80,000 fairness shares at ₹35 a share).
Monday’s board assembly put the revised value of acquisition at ₹65.66 crore (1,34,80,000 fairness shares at ₹48.708 per share). The character of consideration shall be money consideration. Indicative time interval for completion of the acquisition is one yr.
- Additionally learn: BEL share worth: Unbiased Director exits Bharat Electronics board as time period ends
Included as particular goal automobile on February 24, 2006, MSEZ is a three way partnership of ONGC (26 per cent) IL&FS (50 per cent), Karnataka Industrial Space Improvement Board (23 per cent), MRPL (0.96 per cent), and Kanara Chamber of Commerce and Trade (0.04 per cent).
Unfold over an space of 1,607 acres, MSEZ is operational from 2014 with round 85 per cent space leased out. It has 10 operational items akin to MRPL (fragrant complicated), Syngene, ISPRL, Catsynth speciality chemical substances and different meals processing items.
The overall turnover of MSEZ stood at ₹187.57 crore in 2023-24 in opposition to ₹344.64 crore in 2022-23. The turnover was at ₹198.99 crore in 2021-22, and ₹169.48 crore in 2020-21.
The corporate knowledgeable inventory exchanges that MSEZ is one in all India’s profitable SEZs with investments exceeding $2 billion to this point and exports of over $3.2 billion value of products from its items.
MSEZ is a multiproduct SEZ and its important enterprise is leasing of the land to the industries and offering utility companies akin to water provide, energy provide, lease rental, zone upkeep, frequent effluent therapy plant, marine outfall and pipe line hall.
