Maithan Alloys Limited has announced the acquisition of equity shares in Bank of India, disclosing the transaction under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The acquisition was completed on March 16, 2026, with the company becoming aware of detailed particulars on March 17, 2026.

Acquisition Details

The transaction involved the purchase of 1331500 shares of Bank of India through stock exchange, representing 0.03% shareholding in the public sector bank. The total cost of acquisition amounted to Rs. 19.93 crore, paid as cash consideration.

Investment Rationale

Maithan Alloys stated that the shares were acquired as part of its investment portfolio with a view to reap long-term and short-term investment benefits. The company explicitly clarified that it does not intend to acquire control, whether directly or indirectly, of the management of Bank of India. The transaction was conducted at arm's length and does not fall within related party transactions.

Target Entity Profile

Bank of India, incorporated on September 7, 1906, is a public sector bank engaged in comprehensive banking activities including deposit acceptance and credit financing. The bank operates under Reserve Bank of India regulation and maintains an extensive network of over 5300 branches, 69 zonal offices, and 13 FGMO offices across India, along with 22 overseas offices in 10 countries.

Historical Performance

Bank of India has demonstrated consistent growth in turnover over the past three years:

The bank serves a diverse customer base including individuals, groups, government entities, MSMEs, large corporates, farmers, and start-ups. The acquisition represents a strategic investment decision by Maithan Alloys Limited in the banking sector, completed without requiring any governmental or regulatory approvals.

Maithan Alloys Limited has announced the acquisition of equity shares in Bank of India through a stock exchange transaction, triggering disclosure requirements under SEBI regulations. The acquisition represents a strategic investment move by the alloys manufacturer into the banking sector.

Transaction Details

The company completed the acquisition on March 12, 2026, at 3:30 P.M., with detailed particulars becoming available on March 13, 2026, at 10:20 A.M. The transaction details are summarized below:

Investment Rationale and Objectives

Maithan Alloys stated that the shares were acquired through stock exchange as part of the company's investment portfolio to generate long-term and short-term investment benefits. The company has explicitly clarified that it does not intend to acquire control, whether directly or indirectly, of Bank of India's management.

The acquisition was conducted at arm's length and does not constitute a related party transaction. No promoter, promoter group, or group companies have any interest in the acquired entity.

Target Entity Profile

Bank of India, incorporated on September 7, 1906, is a public sector bank regulated by the Reserve Bank of India. The bank's financial performance and operational details are outlined below:

Historical Performance

Bank of India has demonstrated consistent growth over the past three years:

Operational Presence

Bank of India operates an extensive network across India and internationally:

• Over 5,300 branches in India
• 69 zonal offices
• 13 FGM offices
• 22 overseas offices across 10 countries

The bank serves a diverse customer base including individuals, groups and associates, government entities, MSMEs, large corporates, farmers, and start-ups.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the triggering of threshold limits. No governmental or regulatory approvals were required for this acquisition, and the transaction has been completed.