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.

Maithan alloys Limited has received an income tax demand notice of Rs. 2,88,02,270/- from the Income Tax Department for the assessment year 2024-25. The company disclosed this development under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Demand Notice Details

The Income Tax Department issued the demand notice under section 156 of the Income-Tax Act, 1961, alleging short payment of income tax as per the assessment order. The notice was received via email on March 9, 2026 at 11:29 PM, and the company became aware of it on March 10, 2026 at around 11:53 AM.

Nature of Violation

The demand notice pertains to alleged short payment of income tax as per the assessment order for the financial year. The aggregate financial impact amounts to Rs. 2,88,02,270/-, representing the total demand raised by the tax authorities.

Company's Response Plan

Maithan Alloys Limited is contemplating filing a rectification request under section 154 of the Income-Tax Act, 1961 against the demand notice. This provision allows taxpayers to seek rectification of mistakes apparent from the record in assessment orders.

Regulatory Compliance

The company has informed all relevant stock exchanges including the National Stock Exchange of India Limited, BSE Limited, and The Calcutta Stock Exchange Limited about this development. The disclosure was made in compliance with SEBI regulations, though the company acknowledged an inadvertent delay in reporting the matter to the exchanges.