Visa Steel hits 52-week low on stake sale in arm to US firm
The company said it has closed the Rs 368-crore ($67-million) transaction with SunCoke Energy Inc of the US for 49% stake in Visa Coke.
Visa Steel has dipped 5% to Rs 41.30, also its 52-week low on NSE, after the company said it has closed the Rs 368-crore ($67-million) transaction with SunCoke Energy Inc of the US for 49% stake in Visa Coke Ltd (VCL).
The stock opened 15.3% higher at Rs 50 and has seen a combined 208,305 shares changing hands on the counter on NSE and BSE.
Meanwhile, SunCoke Energy Inc and Visa Steel launch a joint venture (JV) in India called Visa Suncoke Limited.
The company in a statement said in the board meeting the JV, VISA SunCoke Limited is formalised and Visa Steel will hold a 51% stake and SunCoke Energy will hold remaining 49% stake.
On November 20, 2012, Visa Steel has transferred its business of manufacturing and sale of metallurgical coke and the associated steam generation units located at Kalinganagar Industrial Complex, Odisha by way of Slump Sale on a going concern basis to VCL.
The stock opened 15.3% higher at Rs 50 and has seen a combined 208,305 shares changing hands on the counter on NSE and BSE.
Meanwhile, SunCoke Energy Inc and Visa Steel launch a joint venture (JV) in India called Visa Suncoke Limited.
The company in a statement said in the board meeting the JV, VISA SunCoke Limited is formalised and Visa Steel will hold a 51% stake and SunCoke Energy will hold remaining 49% stake.
On November 20, 2012, Visa Steel has transferred its business of manufacturing and sale of metallurgical coke and the associated steam generation units located at Kalinganagar Industrial Complex, Odisha by way of Slump Sale on a going concern basis to VCL.