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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.

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

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