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Wholly-owned subsidiary approves sale/disposal of 16% stake in Allomex Steel for Rs. 16,000

AGL Industries Ltd, a wholly-owned material subsidiary, has approved the sale/disposal of its 16% equity stake in Allomex Steel Private Ltd, out of a total 26% holding.

By ScoutQuest · Thu 15 Oct 2026, 3:22 PM IST · 2 min read

16%Equity stake being sold in Allomex Steel Private Limited

Equity stake being sold in Allomex Steel Private Limited: 16%.

Stake Sold: 16% equity stake in Allomex Steel Private Ltd, out of a total 26% holding
Consideration: Rs. 16,000/- (Rs. 10 per share for 1,600 shares)
Completion Date: 15 October 2026

What the subsidiary board approved

AGL Industries Limited (formerly known as Amazoone Ceramics Limited), a wholly-owned material subsidiary, said its board, at a meeting held on 15 October 2026, approved the proposal for the sale/transfer/disposal of its 16% equity stake held in Allomex Steel Private Limited, an associate company. That 16% is part of a total holding of 26% equity stake in Allomex Steel Private Limited. Once the transaction is completed, Allomex Steel Private Limited will cease to be an associate company of AGL Industries Limited.

The money involved

Consideration received from the sale/disposal: Rs. 16,000/-
The update describes this as Rs. 10 per share for 1,600 shares
Date on which the agreement for sale was entered into: 15 October 2026
Expected date of completion of the sale/disposal: 15 October 2026

Who the buyers are

The update states the buyers are Directors / relatives of Directors of AGL Industries Limited. It also states that the proposed transaction qualifies as a Related Party Transaction and is proposed to be undertaken on an arm's length basis, based on a valuation report obtained from a Registered Valuer.

The company being exited

The disclosure on Allomex Steel Private Limited notes that it was incorporated on 27 August 2025. For the last financial year, its turnover/revenue/income is shown as 0 (0%) and its net worth is shown as 0 (0%), in Rs crore terms.

Other points in the disclosure table

Whether the sale, lease or disposal of the undertaking is outside a Scheme of Arrangement: Not Applicable
Indicative disclosures for a slump sale for amalgamation/merger: Not Applicable

What this means in simple terms

A wholly-owned material subsidiary is selling a part of its holding in an associate company, and its holding in that associate ends with this transaction, since the entity ceases to be an associate. The amount involved is Rs. 16,000/-, and the buyer side comprises Directors or their relatives of AGL Industries Limited.

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