Oswal Greentech announced that it has acquired a 4.97% stake in Oswal Agro Mills (OAML) by purchasing shares at a price of Rs 69 each, for a total consideration of Rs 46.17 crore.
OAML is primarily engaged in the business of trading/ development of real estate, trading of goods etc. Further the company also lends its surplus funds as interest bearing intercorporate deposits. Its turnover was at Rs 1.86 crore in FY24.In Oswal Agro Mills, Aruna Oswal holds a 41.74% stake, Shallu Jindal holds a 0.12% stake and Pankaj Oswal holds a 0.06% stake.
Oswal Greentech is also the promoter of OAML, held 1,000 equity shares in the company prior to the said acquisition.
The company has acquired a 4.97% stake, totaling 66,82,109 shares, in Oswal Agro Mills (OAML). This increase in promoter shareholding is intended to reinforce their commitment and boost market confidence, although there is no specific operational reason behind the acquisition. The move is expected to strengthen the promoters' influence, enhance investor perception, and provide greater strategic flexibility and control within the company.
Oswal Greentech is in the business of real estate activities and investment of surplus funds including inter corporate deposits.
The OAML jumped 4.99% to close at Rs 73.60, while Oswal Greentech rose 0.41% to settle at Rs 46.32 on 5th February 2025.
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