Maithan Alloys plans to pick up 10 lakh NSE shares for Rs 324 crore

Maithan Alloys emphasized the need for NSE’s preliminary approval for the acquisition.

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Metals maker Maithan Alloys announced in a filing with the BSE that it intends to buy 10 lakh shares, or 0.202 percent stake, of the National Stock Exchange. The company disclosed its agreement to purchase these shares for Rs 324 crore, valuing each unit at Rs 3,240.

Maithan Alloys Limited stated that the intended acquisition of shares through the secondary market will supplement the company’s existing investment. This move aims to capitalise on both long-term and short-term investment opportunities, it said.

Maithan Alloys emphasised the need for the NSE’s preliminary approval for the acquisition.

NSE operates major trading platforms for equities, derivatives, and financial instruments in India. It holds a dominant market position with a 93 percent share in equity cash trading, 99 percent in equity futures and options, 71 percent in currency futures, and 99 percent in currency options trading as of 2024.

At 9.52am, the stock was trading at Rs 1,292 on the BSE, up 12 percent from its previous close.

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