ITL Industries Executes Share Sale Agreement for M.M. Metals Divestment

ITL Industries Limited has executed a share sale agreement for the divestment of its subsidiary M.M. Metals Private Limited, following the board approval announced on March 17, 2026. The company signed the agreement on March 18, 2026, at 2:00 PM, marking a significant step forward in the strategic disinvestment process.

Agreement Execution and Timeline

The share sale agreement covers the transfer of 30,480 equity shares, representing 52.55% of M.M. Metals Private Limited's issued, subscribed and paid-up equity share capital. Upon completion of this transaction, M.M. Metals Private Limited will cease to be a subsidiary of ITL Industries.

Transaction Parameter: Details Agreement Date: March 18, 2026 Agreement Time: 2:00 PM Shares to be Transferred: 30,480 equity shares Percentage Stake: 52.55% Expected Completion: On or before March 31, 2026 Board Meeting Date: March 17, 2026

Financial Contribution of M.M. Metals

M.M. Metals Private Limited's contribution to ITL Industries' consolidated financials as of March 31, 2025, demonstrates its position as a non-material subsidiary:

Contribution Type: Amount Percentage Consolidated Income: Rs. 419.91 lakhs 2.25% Consolidated Net Worth: Rs. 212.79 lakhs 2.65%

Buyer Details and Related Party Transaction

The disinvestment involves a related party transaction with seven buyers identified as directors and their relatives of M.M. Metals Private Limited:

S.N.: Buyer Name Relationship 1: Mrs. Rekha Jain Directors Relative 2: Mr. Mahendra Jain Directors Relative & Shareholder 3: Mrs. Meena Jain Directors Relative & Shareholder 4: Mr. Ravish Jain Director & Shareholder 5: Mr. Prakhar Jain Director & Shareholder 6: Mr. Manish Jain Director & Shareholder 7: Mr. Shekhar Jain Director & Shareholder

The company has confirmed that this related party transaction is proposed to be conducted at arm's length pricing, ensuring compliance with regulatory requirements.

Pending Disclosure

While the agreement has been executed, the final consideration amount to be received from the sale will be communicated to the stock exchange upon completion of the transaction. The completion of transfer depends on meeting contractual obligations as required under the share sale agreement.

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in corporate actions involving subsidiary disinvestment.

ITL Industries Limited has announced significant corporate decisions following a board meeting held on March 17, 2026. The company disclosed these developments under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Outcomes

The Board of Directors approved multiple strategic decisions during the meeting held at the company's registered office. The key resolutions included the appointment of a new Internal Auditor and the disinvestment of the company's stake in a subsidiary.

Decision Type: Details Board Meeting Date: March 17, 2026 Meeting Duration: 3:00 PM to 4:30 PM Internal Auditor Appointment: Aditya Jakhetia & Associates Subsidiary Disinvestment: M.M. Metals Private Limited Regulatory Compliance: SEBI Regulation 30

Internal Auditor Appointment

The board approved the appointment of Aditya Jakhetia & Associates, an Indore-based proprietorship firm of Chartered Accountants, as the company's Internal Auditor. This decision was made following the resignation of Mrs. Pratibha Kothari, who stepped down from the position on March 5, 2026.

Appointment Details: Information New Internal Auditor: Aditya Jakhetia & Associates Effective Period: Remaining FY2025-26 and FY2026-27 Previous Auditor: Mrs. Pratibha Kothari Resignation Date: March 5, 2026 Registration Number: 020386C

Aditya Jakhetia & Associates brings over 10 years of professional experience in accounting, auditing, taxation, and advisory services. The firm is led by CA. Aditya Jakhetia, a Fellow Member of the Institute of Chartered Accountants of India with membership number 428532.

Subsidiary Disinvestment Decision

In a significant strategic move, the board approved the disinvestment of the company's entire shareholding in its non-material subsidiary, M.M. Metals Private Limited. The disinvestment will be executed through a Share Sale Agreement with definitive terms approved by the board.

Disinvestment Details: Specifications Subsidiary Name: M.M. Metals Private Limited Current Shareholding: 30,480 equity shares Ownership Percentage: 52.55% Transaction Method: Share Sale Agreement Subsidiary Classification: Non-material subsidiary

The disinvestment represents ITL Industries Limited's strategic decision to optimize its portfolio by divesting from non-core assets. The company currently holds 30,480 equity shares representing 52.55% of the issued, subscribed and paid-up equity share capital of M.M. Metals Private Limited.

Regulatory Compliance and Documentation

The appointments and disinvestment decisions were disclosed in accordance with SEBI regulations and relevant circulars. The company has ensured full compliance with all regulatory requirements, including proper documentation and board approvals for both the Internal Auditor appointment and subsidiary disinvestment.

These strategic decisions reflect ITL Industries Limited's commitment to maintaining robust internal controls while optimizing its corporate structure through focused disinvestment activities.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.