Transtek Coal & Minerals Private Limited agreed to acquire 42.1% stake in Ardent Steel Limited from Godawari Power & Ispat Limited (BSE:532734) and Hira Energy Ltd for approximately INR 950 million on November 5, 2020. As per terms, Transtek Coal & Minerals Private Limited will acquire 4.0662 million shares from Godawari Power & Ispat Limited and 0.385 million shares from Hira Energy Ltd at INR 214 per share. Upon completion, Godawari Power & Ispat Limited will reduce its stake in Ardent Steel Limited from 76.34% to 37.85%. For the year ended March 31, 2021, Ardent Steel Limited reported total sales of INR 4.17 billion, EBITDA of INR 1.01 billion, net profit of INR 527 million and net assets of INR 1.87 billion. The transaction is subject to approval from the shareholders of Godawari Power & Ispat Limited in the extraordinary general meeting to be held on December 10, 2020. The transaction is approved by the board of directors of Godawari Power & Ispat Limited in the board meeting held on November 5, 2020. The transaction is approved by the shareholders of Godawari Power & Ispat Limited in the extraordinary general meeting. The transaction is expected to close on or before March 31, 2021. Transtek Coal & Minerals Private Limited completed the acquisition of 42.1% stake in Ardent Steel Limited from Godawari Power & Ispat Limited (BSE:532734) and Hira Energy Ltd on January 16, 2021. Upon completion, Ardent Steel Limited has been ceased to be subsidiary of Godawari Power & Ispat Limited.