Maithan Alloys Limited has issued corrected details regarding its acquisition of equity shares in Canara Bank through stock exchange transactions. The company disclosed the revised information under regulatory compliance requirements on February 18, 2026, after becoming aware of the detailed particulars.

Corrected Acquisition Details

The share acquisition was completed on February 17, 2026, with corrected transaction details as follows:

Investment Strategy and Rationale

The shares were acquired through stock exchange as part of Maithan Alloys Limited's investment portfolio with a view to reap long-term and short-term investment benefits. The company has explicitly stated that it does not intend to acquire control, whether directly or indirectly, of Canara Bank's management.

The acquisition does not fall within related party transactions, and the promoter/promoter group/group companies have no interest in the acquired entity. The transaction was conducted at arm's length through the stock exchange mechanism.

Target Entity Profile

Canara Bank, incorporated in 1906, is a major public sector bank in India providing banking services, financial services, acceptance of deposits, lending services, and credit facilities. The bank's financial performance demonstrates strong fundamentals:

Historical Performance

Canara Bank has shown consistent growth in turnover over the past three years:

Regulatory Compliance and Timeline

The disclosure was made under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the triggering of threshold limits. The event occurred on February 17, 2026 at 3:30 PM, and the company became aware of detailed particulars regarding the acquisition on February 18, 2026 at 9:47 AM.

Canara Bank operates in India and has international presence in four foreign countries: United States of America, United Kingdom, United Arab Emirates, and Republic of Tanzania. The acquisition requires no governmental or regulatory approvals as it was conducted through normal stock exchange transactions.

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.