You are here: Home » News-CM » Companies » News
Business Standard

Mukand reduces debt by Rs 499 cr

Capital Market 

Following divestment of its entire 51% stake in Mukand Sumi Special Steel

Mukand announced that Jamnalal Sons, an entity belonging to promoter group of the Company, along with its nominees, has completed the purchase from Mukand (the Company) of the entire 51% of equity share held by the Company in the capital of Mukand Sumi Special Steel (MSSSL) comprising of 2,12,08,729 equity shares for a total consideration of Rs 1213.13 crore.

In the second and final tranche completed on 30 April 2021, JSPL purchased 87,33,006 equity shares constituting 21% of the issued and paid up capital of MSSSL from the Company for a consideration of Rs 499.52 crore.

With this final transaction, Mukand further reduces it debt by Rs 499.38 crore with immediate effect.

Mukand continues to retain full ownership of its alloy steel manufacturing assets in Ginigera, Karnataka, & the income derived from sale of its alloy steel products manufactured in Ginigera, Karnataka.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 30 2021. 19:26 IST