Maithan Alloys Limited has successfully completed the acquisition of equity shares in Union Bank of India through stock exchange transactions on January 5, 2026. The company disclosed this acquisition under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the triggering of prescribed threshold limits.

Transaction Details

The acquisition involved 2,649,346 equity shares of Union Bank of India, representing a 0.03% shareholding in the public sector bank. The transaction was completed at 3:30 PM on January 5, 2026, with Maithan Alloys becoming aware of the detailed particulars at 12:35 PM on the same day.

Investment Rationale

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

About Union Bank of India

Union Bank of India, the target entity, is a major public sector bank that was nationalized in 1969. Originally incorporated on November 11, 1919, the bank provides comprehensive banking products and services including savings and checking accounts, loans, insurance, and investment services.

Historical Performance

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

Regulatory Compliance

The acquisition required no governmental or regulatory approvals beyond standard compliance requirements. Maithan Alloys confirmed that neither the promoter, promoter group, nor group companies have any interest in Union Bank of India. The disclosure was made in accordance with SEBI circular dated November 11, 2024, regarding acquisition of equity shares of listed entities through stock exchanges.

Union Bank of India operates primarily in India while maintaining presence in UAE and Australia, positioning it as a significant player in the Indian banking sector.

Maithan Alloys Limited , a leading ferro alloys manufacturer, has successfully completed the incorporation of its wholly-owned subsidiary for Non-Banking Financial activities, marking a significant milestone in the company's diversification strategy.

NBFC Subsidiary Successfully Incorporated

The company has incorporated Maithan Capital Limited as its wholly-owned subsidiary, receiving the Certificate of Incorporation from the Ministry of Corporate Affairs on December 18, 2025. The certificate was received by the company at 11:47 A.M. on the same day, completing the process that was initially authorized by the Board of Directors on November 13, 2025.

Financial Structure and Investment Details

The subsidiary has been established with an authorized, issued, subscribed and paid-up capital of ₹11.00 crore, comprising 1,10,00,000 equity shares of ₹10 each. The entire shareholding is held by Maithan Alloys Limited and its nominees, making it a completely owned subsidiary.

Business Objectives and Strategic Impact

Maithan Capital Limited has been incorporated to carry out Non-Banking Financial activities as may be permitted by the Reserve Bank of India (RBI). This strategic move represents Maithan Alloys' diversification beyond its core ferro alloys operations, potentially opening new revenue streams in the financial sector.

The newly incorporated company is yet to commence its business operations and will require necessary approvals from RBI for its NBFC activities. As of the incorporation date, the subsidiary reports nil turnover and PAT, with a net worth of ₹11.00 crore.

Leadership Appointments and Operational Updates

Alongside the subsidiary incorporation, the company has also appointed Mr. Sreejith Ariyanthari Thazhemadam as Senior Management Officer and Plant Head of its Visakhapatnam Unit, effective from November 13, 2025. Mr. Thazhemadam brings over 20 years of experience in ferro alloys manufacturing, with qualifications including B.E. in Metallurgy Engineering and proficiency in SAP and ERP systems.

Company Operations Overview

These developments reflect Maithan Alloys' strategic approach to business diversification while strengthening its operational leadership across its ferro alloys manufacturing units.