Skand becomes holding company of Sandur Manganese & Iron Ores
Sandur Manganese & Iron Ores announced that Skand has vide its letter dated 28 March 2016 informed of their acquiring 11,44,100 and 15,35,021 equity shares in the Company from Sunshine Real Estates & Constructions and Sattari Engineering Enterprises in an off-market transfer effected on the same day.The said off-market transaction has been effected in pursuance of scheme of amalgamation of Sunshine Real Estates & Constructions and Sattari Engineering Enterprises with Skand sanctioned by the Hon'ble High Court of Karnataka by Order dated 14 July 2015.
Accordingly, Skand now holds 46,32,040 equity shares with a shareholding of 52.94%, making it a holding Company of the Company. However, the said amalgamation does not result in any change in the promoters' shareholding since all the three companies have always been part of the promoter group.
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