Shyam Metalics plans 51% stake in Alom Solar for Phutamura coal block
Shyam Metalics and Energy said in an NSE filing that its board approved buying a 51% stake in Alom Solar Private Limited, which holds rights to the Phutamura Coal Block in Chhattisgarh.
Key points
- Shyam Metalics and Energy said its board approved buying a 51% controlling stake in Alom Solar Private Limited on 31 October 2026.
- The company said it will pay Rs 51,000 in cash for the stake and plans to complete the deal on or before 30 November 2026.
- The company said it will fund about Rs 183.60 crore, or 51%, of an initial capex budget of about Rs 360 crore for the coal block.
Photo: Iamvrt46 / Wikimedia Commons, CC BY-SA 4.0 (cropped). Representational image.
Shyam Metalics and Energy Limited said in a filing with the National Stock Exchange that its board has approved a proposal to buy a 51% controlling stake in Alom Solar Private Limited. The board took the decision at its meeting on 31 October 2026. Alom Solar holds mining rights to the Phutamura Coal Block in Raigarh District, Chhattisgarh.
What Happened
In its filing with the National Stock Exchange, the company said the board "considered and approved" the proposal to acquire the 51% stake. The deal is subject to the signing of definitive agreements and the necessary approvals. Once it is complete, Alom Solar will become a subsidiary of Shyam Metalics.
According to the filing, the company will pay Rs 51,000 in cash. This is the price of 5,100 equity shares of Rs 10 each. The company said it expects to complete the acquisition on or before 30 November 2026.
The filing describes Alom Solar as holding mining rights for the Phutamura Coal Block, covering about 7.324 sq km, with estimated reserves of about 170 million tonnes. Alom Solar was incorporated on 28 June 2026. The filing gives its turnover as nil for each of the last three financial years, FY 2023-24, FY 2024-25 and FY 2025-26.
The company also said the board approved an initial capital expenditure budget of about Rs 360 crore to develop and start operating the coal block. Shyam Metalics' share will be 51%, or about Rs 183.60 crore. The company said the remaining 49% will be funded by the joint venture partner.
The company said the deal is not a related party transaction, that none of its promoters or promoter group are interested in it, and that it will be done at arm's length. It said the acquisition is meant for backward integration, to secure long-term coal supply for its captive power generation and steel plant operations.
The same board meeting also approved the unaudited financial results for the second quarter and half year ended 30 September 2026. The board also gave in-principle approval to induct a nominee director representing LIC, subject to shareholder approval and regulatory requirements. This report covers only the acquisition proposal.
What It Means
For shareholders, the filing shows how the company plans to source coal for its own power and steel units. The company says it will hold the controlling stake in the entity that holds the mining rights, and it has said what share of the early spending it will carry.
The filing says the deal still depends on definitive agreements and statutory approvals for the transfer of a controlling stake, so it is not yet complete. Alom Solar is a newly incorporated company with no turnover so far. Any later change in terms or timing would have to be disclosed by the company to the exchange.
Oquilia Data: Shyam Metalics and Energy Ltd. (NSE: SHYAMMETL)
| Close, 30 Oct 2026 | Rs 1,162.90 (+1.87% on the day) |
|---|---|
| Return 1M / 3M / 6M / YTD / 1Y | +9.19% / +13.75% / +33.09% / +37.19% / +28.32% |
| Against Nifty 50, 1M / 3M / YTD | +7.28 / +18.95 / +48.97 points |
| 52-week closing high / low | Rs 1,226.60 (19 Oct 2026) / Rs 761.45 (16 Mar 2026) |
| Turnover, 20-session average | Rs 46.50 cr; 51.4% delivered; latest volume 0.4x |
| Insider trades, 90 days | none by promoters, directors or KMP |
Closes adjusted for splits and bonuses; returns exclude dividends; insider figures from BSE filings. Facts from NSE's files, not investment advice.
Full record: Shyam Metalics and Energy share price on Oquilia
Source: Company filing on NSE
Sources & Citations
- Company filing on NSE — National Stock Exchange of India