V R Woodart Limited, a company listed on the Bombay Stock Exchange (BSE: 523888), has announced a significant move into the stainless steel trading sector through strategic acquisitions. The company's board of directors has approved the purchase of 100% stakes in two companies: Nidimo Mont Private Limited and Parent Mont International Private Limited.

Acquisition Details

Strategic Rationale

The acquisition aims to strengthen V R Woodart's position in the stainless steel market. Both target companies are engaged in trading, import, and export of stainless steel products and alloys. This move is expected to:

1. Increase V R Woodart's customer base
2. Introduce new products for sales
3. Ensure continuous supply of stainless steel at market-driven rates
4. Gain a competitive advantage in the stainless steel and alloy market

Business Transfer Agreements

Both acquired entities have entered into business transfer agreements with established partnership firms:

• Nidimo Mont Pvt Ltd with Nidimo International (FY 2025 turnover: INR 531.22 crores)
• Parent Mont International Pvt Ltd with Parent Mont (FY 2025 turnover: INR 1965.33 crores)

Related Party Transaction

The acquisition is classified as a related party transaction. Mrs. Minal Patil and Ms. Maddukuri Mounica, the current owners of the acquired companies, will be reclassified as part of V R Woodart's promoter group. The company has stated that the transaction is being conducted at arm's length, with the share price based on a valuation report from a registered valuer.

Management Changes

Concurrent with this acquisition, V R Woodart has announced significant changes in its management structure:

These management changes, effective immediately from October 16, 2025, mark a significant shift in the company's leadership coinciding with its strategic expansion into the stainless steel sector.

The acquisitions and management restructuring signal a transformative phase for V R Woodart as it diversifies its business interests and positions itself for growth in the stainless steel market.

VR Woodart Limited successfully concluded its Extraordinary General Meeting on January 14, 2026, with shareholders overwhelmingly approving all 15 proposed resolutions. The company announced the voting results on January 16, 2026, marking a decisive step in its comprehensive business transformation and leadership restructuring.

EGM Voting Results Overview

The EGM witnessed strong shareholder participation with 38 public shareholders attending through video conferencing. All resolutions received overwhelming support, with 99.99% of votes cast in favor across all proposals.

Leadership Appointments Confirmed

Shareholders approved all key leadership appointments with requisite majority:

Corporate Transformation Approved

The most significant resolution - changing the company name from V.R. Woodart Limited to Megamont Limited - received unanimous shareholder support. This change aligns with the company's strategic expansion into petroleum products and mining operations.

Financial and Operational Approvals

Shareholders approved critical financial resolutions enabling business expansion:

The board appointed M/s. KPN & Co. Chartered Accountants as statutory auditors to fill the casual vacancy, replacing M/s. Thakur Vaidyanath Aiyar & Co.

Committee Restructuring and Next Steps

Following the approvals, the company has reconstituted its key committees with the newly appointed directors. The registered office will shift from Walkeshwar, Mumbai to Marol MIDC, Andheri East, Mumbai as part of the corporate restructuring.

The voting process was conducted through remote e-voting from January 11-13, 2026, and physical voting at the EGM venue. Only minimal opposition was recorded, with just 2 votes against each resolution, representing negligible resistance to the transformation plans.

With all regulatory approvals now secured from shareholders, VR Woodart is positioned to complete its transformation into Megamont Limited and commence operations in the petroleum and mining sectors.