Maithan Alloys acquired a 0.17% equity stake in HFCL Limited for ₹60.09 crore on October 1, 2026. The transaction involved the purchase of 25,27,000 shares through the stock exchange as a cash consideration.

The company disclosed the acquisition under Regulation 30 of SEBI (LODR) Regulations, 2015. Maithan Alloys stated that the shares form part of its investment portfolio aimed at reaping long-term or short-term investment benefits. The company explicitly noted that it does not intend to acquire control, whether directly or indirectly, of the management of HFCL Limited.

Target entity profile

HFCL Limited operates in the Telecom and Infrastructure sector. The target entity is a technology enterprise with operations in high-end telecom and defence equipment, optical fiber, optical fiber cables, and passive connectivity solutions. It also provides engineering, procurement, and construction services.

The acquisition was conducted at arm's length. Maithan Alloys confirmed that neither the promoter group nor group companies have any interest in the entity being acquired, and the transaction does not fall within Related Party Transactions.

Financial overview of HFCL

The disclosure provides financial details for HFCL Limited as of March 31, 2026. The target entity reported a turnover of ₹4,528 crore and a Profit After Tax (PAT) of ₹253 crore. Its net worth stood at ₹4,727 crore.

What the numbers show

The acquisition cost of ₹60.09 crore for a 0.17% stake implies an implied market capitalization for HFCL Limited significantly higher than its book value. Comparing the cost to HFCL's FY26 PAT of ₹253 crore, the investment represents a small fraction of the target's annual earnings capacity, consistent with a minority portfolio holding rather than a strategic operational integration.

The transaction was completed on the date of occurrence, October 1, 2026. No governmental or regulatory approvals were required for this acquisition.

Maithan Alloys announced the voting results of its 41st Annual General Meeting held on September 28, 2026. All 16 resolutions, including the declaration of a final dividend of ₹6 per share and the confirmation of an interim dividend of ₹11 per share, were passed with a requisite majority.

The meeting was chaired by Subhas Chandra Agarwalla, Chairman and Managing Director. Electronic voting was facilitated through the Central Depository Services (India) Limited platform. Remote e-voting commenced on September 25, 2026 at 9:00 am and ended on September 27, 2026 at 5:00 pm. S. K. Patnaik was appointed as Scrutiniser to oversee the voting process. Voting results were announced on September 29, 2026 and intimated to stock exchanges.

Meeting proceedings and attendance

The meeting commenced at 11:30 am and concluded at 12:35 pm via Video Conferencing/Other Audio Visual Means. Directors present included Subodh Agarwalla, Palghat Krishnan Venkatramani, Aayush Khetawat, Chandra Prakash Kakarania, Dr. Ridhi Agarwala, and Sonal Choubey. Naresh Kumar Jain and Srinivas Peddi were unable to attend due to prior commitments. Sudhanshu Agarwalla, President and CFO, Rajesh K. Shah, Company Secretary, and representatives of the auditors were also present.

The Chairman noted there were no qualifications or material adverse effects in the Statutory Auditors' Reports or the Secretarial Audit Report for the financial year ended March 31, 2026. The revised Audited Financial Statement for FY26, the Directors' Report, and the Auditors' Reports were taken as read.

Voting process and conduct

As the Chairman declared an interest in 5 out of 16 agenda items, Aayush Khetawat, Chairman of the Audit Committee and Independent Director, conducted proceedings for all business items. Five Speaker Members raised questions on topics including growth plans, plant capacity, use of AI technology, renewable energy, and business opportunities in subsidiary companies. Subodh Agarwalla, Chief Executive Officer, responded to the queries.

Resolutions moved and approved

The following resolutions were moved for member approval and subsequently passed:

Ordinary business

Special business

What the Numbers Show

The voting results indicate strong shareholder alignment with management proposals. For the dividend resolution (Item 2), votes in favour stood at 99.9936%, with only 1,416 votes cast against out of 22,145,618 valid votes. Similarly, the re-appointment of directors retiring by rotation (Item 3) saw 99.8183% support. Even for special resolutions involving changes to the Articles of Association and appointment of new independent directors, support remained above 99.99%.