AIA Engineering Limited (NSEI:AIAENG) made an offer to acquire remaining 25.15% stake in Welcast Steels Limited (BSE:504988) on December 13, 2023. AIA Engineering has offered INR 1550 per equity share. The proposed delisting offer would enable the AIA Engineering to obtain full ownership of Welcast.

AIA holds 4.8 million shares equating to 74.85% stake in Welcast. The shareholders of Welcast Steels approved the delisting offer by way of special resolution on January 20, 2024. The transaction is expected to close on May 13, 2024.

Vivro Financial Services Private Limited acted as financial advisor to AIA Engineering Limited. Bigshare Services Pvt. Ltd. is acting as the registrar to AIA Engineering Limited.