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Nupur Recyclers Limited (NRL) announced plans to acquire additional shares in Frank Metals Recyclers Private Limited (FMRPL), a company specialising in ferrous and non-ferrous metal scrap trading and recycling. The decision was approved during a Corporate Compliance Committee meeting held on September 17, 2024.
The shares of Nupur Recyclers Limited (NRL) were trading at ₹115.74, down by ₹0.57 or 0.49 per cent, on the NSE today at 2.55 pm.
NRL currently holds an 80 per cent stake in FMRPL and intends to maintain this percentage on a fully diluted basis. The acquisition, expected to be completed within two months, will be made in cash at a price determined by an approved valuer.
FMRPL, incorporated on June 23, 2021, reported a turnover of ₹4,258.46 lakh for the fiscal year ending March 31, 2024. This marks a significant increase from zero turnover in the previous two years.
FMRPL, incorporated on June 23, 2021, reported a turnover of ₹4,258.46 lakh for the fiscal year ending on March 31, 2024. This marks a significant increase from zero turnover in the previous two years.
The move is part of NRL’s growth and business expansion strategy. As the transaction involves a common director, Rajesh Gupta, it is classified as a related party transaction but is reported to be conducted at arm’s length.
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