Maithan Alloys Limited has significantly expanded its investment in Bank of India with a fresh acquisition of equity shares worth ₹20.03 crore, as disclosed under Regulation 30 of SEBI (LODR) Regulations, 2015. The latest transaction was completed on February 16, 2026, with the company becoming aware of detailed particulars on February 17, 2026.

Latest Acquisition Details

The recent acquisition involved 1,227,000 equity shares of Bank of India, representing 0.03% shareholding in the public sector bank. This follows an earlier acquisition, bringing the company's total investment in Bank of India shares to a more substantial position.

Investment Strategy and Rationale

Maithan Alloys Limited stated that the shares were acquired through stock exchange operations and form part of the company's investment portfolio with a view to reap 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 fall within the purview of related party transactions. Neither the promoter, promoter group, nor group companies have any interest in the acquired entity.

Bank of India Financial Profile

Bank of India, incorporated on September 7, 1906, operates as a public sector bank regulated by the Reserve Bank of India. The bank has demonstrated strong financial performance with consistent growth trajectory.

Historical Performance Trend

Bank of India's Operational Network

Bank of India operates an extensive network comprising over 5,300 branches, 69 zonal offices, and 13 FGMO offices across India. The bank maintains international presence with 22 overseas offices in 10 countries. Its diverse customer base includes individuals, groups and associates, government entities, MSMEs, large corporates, farmers, and start-ups.

The bank's core activities encompass accepting deposits and providing credit finance across various segments, positioning it as a significant player in India's banking sector.

Regulatory Compliance

The disclosure was made consequent upon triggering of threshold limits as prescribed under Regulation 30 of SEBI (LODR) Regulations, 2015. No governmental or regulatory approvals were required for this acquisition, and the transaction has been completed as reported. The event occurred on February 16, 2026 at 3:30 PM, with the company becoming aware of detailed particulars on February 17, 2026 at 2:02 PM.

Maithan Alloys Limited has progressed further in its promoter reclassification process by submitting formal applications to stock exchanges on February 3, 2026. The company has applied to the National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Limited (CSE) seeking approval for reclassification of four promoter group shareholders from "Promoter & Promoter Group Category" to "Public Category."

Board Approval and Initial Process

The company's board of directors had earlier approved the reclassification during a board meeting held on January 30, 2026. The decision followed a formal request received by the company on January 13, 2026, pursuant to Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholders Seeking Reclassification

The four promoter group shareholders requesting reclassification collectively hold a significant stake in the company:

Stock Exchange Application Process

On February 4, 2026, the company formally communicated to the stock exchanges about the submission of applications on February 3, 2026. The applications were submitted to:

The company is seeking No-Objection certificates from these exchanges as required under the regulatory framework.

Regulatory Compliance

The outgoing promoter group shareholders have confirmed compliance with key regulatory requirements under Regulation 31A(3)(b), including that they do not hold more than ten percent of total voting rights, do not exercise control over company affairs, have no special rights through formal arrangements, are not represented on the board of directors, and are not willful defaulters as per RBI Guidelines.

Next Steps

The reclassification approval remains subject to necessary approvals from stock exchanges where the company's shares are listed and approval from company shareholders, along with any other approvals that may be required under applicable regulations. The board has authorized key management personnel to complete all requisite formalities and represent before regulatory authorities as required.