ITL Industries Limited has successfully completed the divestment of its subsidiary M.M. Metals Private Limited, with the transaction concluding on March 20, 2026. The company received aggregate consideration of Rs. 64.31 lakhs for the sale of 30,480 equity shares, representing 52.55% stake at Rs. 211 per share.

Transaction Completion and Financial Details

Following the share sale agreement executed on March 18, 2026, ITL Industries has now received the full consideration from buyers. The completion marks the end of M.M. Metals Private Limited's status as a subsidiary of ITL Industries, effective March 20, 2026.

Financial Impact Assessment

M.M. Metals Private Limited's contribution to ITL Industries' consolidated financials as of March 31, 2025, demonstrates its position as a non-material subsidiary with limited impact on overall operations:

Related Party Transaction Structure

The divestment involved seven buyers, all identified as directors and their relatives of M.M. Metals Private Limited, confirming this as a related party transaction conducted at arm's length pricing:

Regulatory Compliance

The transaction was disclosed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with additional compliance to SEBI circular dated November 11, 2024. The company confirmed that all contractual obligations under the share sale agreement have been fulfilled, leading to successful completion of the disinvestment process.

With this strategic divestment completed, ITL Industries has successfully streamlined its subsidiary portfolio while ensuring compliance with all regulatory requirements for related party transactions.

ITL Industries Limited has announced significant corporate decisions following a board meeting held on March 17, 2026. The company disclosed these developments under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Outcomes

The Board of Directors approved multiple strategic decisions during the meeting held at the company's registered office. The key resolutions included the appointment of a new Internal Auditor and the disinvestment of the company's stake in a subsidiary.

Internal Auditor Appointment

The board approved the appointment of Aditya Jakhetia & Associates, an Indore-based proprietorship firm of Chartered Accountants, as the company's Internal Auditor. This decision was made following the resignation of Mrs. Pratibha Kothari, who stepped down from the position on March 5, 2026.

Aditya Jakhetia & Associates brings over 10 years of professional experience in accounting, auditing, taxation, and advisory services. The firm is led by CA. Aditya Jakhetia, a Fellow Member of the Institute of Chartered Accountants of India with membership number 428532.

Subsidiary Disinvestment Decision

In a significant strategic move, the board approved the disinvestment of the company's entire shareholding in its non-material subsidiary, M.M. Metals Private Limited. The disinvestment will be executed through a Share Sale Agreement with definitive terms approved by the board.

The disinvestment represents ITL Industries Limited's strategic decision to optimize its portfolio by divesting from non-core assets. The company currently holds 30,480 equity shares representing 52.55% of the issued, subscribed and paid-up equity share capital of M.M. Metals Private Limited.

Regulatory Compliance and Documentation

The appointments and disinvestment decisions were disclosed in accordance with SEBI regulations and relevant circulars. The company has ensured full compliance with all regulatory requirements, including proper documentation and board approvals for both the Internal Auditor appointment and subsidiary disinvestment.

These strategic decisions reflect ITL Industries Limited's commitment to maintaining robust internal controls while optimizing its corporate structure through focused disinvestment activities.