BTL to acquire Apollo Metalex for Rs 1.21cr

New Delhi, June 14: Steel tube manufacturer Bihar Tubes Ltd (BTL) today said its board had approved the takeover of Apollo Metalex (Pvt) Ltd from its shareholders for Rs 1.21 crore.

The shares of Apollo Metalex (Pvt) Ltd will be acquired at book value and no premium will be paid for a running and profitable business including goodwill, a company statement said.

As a result Apollo Metalex (Pvt) Ltd which is engaged in the business of manufacturing and sales of GP sheets will become a 100 per cent subsidiary of BTL.

The takeover of the shares is effective from tomorrow.

UNI