Shirpur Gold up 4%, arm to acquire 70% in Metalli Exploration

Moneycontrol BureauShare price of Shirpur Gold Refinery added 4 percent on company's board in-principle approval for acquisition of 70 percent in Metalli Exploration and Mining, Mali.The company has granted approval to its wholly owned subsidiary, Zee Gold DMCC, for acquisition of 70 percent of shareholding rights of Metalli Exploration and Mining, Mali for gold mines located in Mali.The company will acquire these rights from Midas Gems & Jewellery, DMCC, Dubai for all cash consideration of amount not more than USD 7.50 million.The proposed transaction is subject to conditions precedent but would not require any governmental or regulatory approval and expected to be concluded within 2-3 months.The above acquisition would help the company to continuous supply of the raw materials at a competitive rate resulting in increase in profitability.At 09:34 hrs Shirpur Gold Refinery was quoting at Rs 105, up Re 1, or 0.96 percent on the BSE.Posted by Rakesh Patil