Permanent Magnets Limited Resolves 30-Year Share Pledge Issue with ICICI Bank

Permanent Magnets Limited informed BSE that 31,290 pledged shares of deceased promoter Madanlal Taparia have been transferred to beneficiaries Sharad Taparia and Mukul Taparia (15,645 shares each) after ICICI Bank dematerialized the lost physical shares in 2024. The shares were originally pledged in 1995 with Bank of Rajasthan for a personal loan that was fully repaid in 1998, but procedural issues prevented their return until now.

Permanent Magnets Limited's Subsidiary Quantum Magnetics Enters Joint Venture with Lorentic Pte Ltd

Quantum Magnetics Private Limited (QMPL), a wholly owned subsidiary of Permanent Magnets Limited, has entered into a Joint Venture Agreement with Lorentic Pte. Ltd. The joint venture will focus on manufacturing, marketing, and distribution of neodymium magnets and related magnetic assemblies, along with research and development of advanced magnetic products. Under the agreement, the shareholding structure will be Lorentic 49.02%, Permanent Magnets Limited 49.02%, and 1.96% reserved for ESOP. Both partners will have equal participation in board representation and decision-making power. QMPL will cease to be a wholly owned subsidiary upon allotment of equity shares to the joint venture partner. The scope includes setting up neodymium magnets and assemblies plants. QMPL reported turnover of Rs. 5.51 crore in FY 24-25 and Rs. 0.008 crore in FY 23-24. The joint venture aims to expand product portfolio, strengthen R&D capabilities, enhance market reach including international markets, and improve competitiveness.