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Kirloskar Ferrous Industries Limited, and Indian Seamless Metal Tubes Limited (ISMT) are pleased to announce that they will begin operations as a merged entity starting today, August 9th, 2024.
This merger represents a significant milestone in KFIL's strategic growth plan. The consolidation aims to leverage synergies, enhance operational efficiency, and create long-term value for all stakeholders. The merged entity is set to benefit from an expanded product portfolio, increased market reach, and improved financial strength.
KFIL's Board of Directors approved the merger in their meeting on 5th November 2022. The NCLT’s approval on 24th July 2024, marked the successful culmination of this process.
As part of the merger, all shareholders of ISMT will be issued shares of KFIL in the ratio of 17 shares of KFIL for every 100 shares of ISMT. The Record Date to determine the eligible shareholders of ISMT for issue of equity shares of KFIL pursuant to the scheme was August 6, 2024.
The merged entity will be led by a seasoned management team drawn from both KFIL and ISMT, ensuring continuity and a smooth transition. The leadership team is committed to driving the company forward with a focus on sustainable growth and long-term success.
Atul Kirloskar, Chairman of Kirloskar Ferrous Industries Limited, said, “This merger is a strategic step towards consolidating our strengths and expanding our capabilities. We are confident that the combined entity will deliver significant value to our customers, shareholders, and employees.”
R.V. Gumaste, Managing Director of KFIL, added, “We are excited about the opportunities this merger presents. By joining forces, we can leverage our collective expertise and resources to drive innovation and growth in the industry.”
