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Balasore Alloys to acquire 70% stake Zimbabwe Alloys; stock surges 13%

The stock rallied 13% to Rs 89.90 on BSE on back of heavy volumes

Chrome Valley, chrome ore, Sukinda Valley, Odisha
Chrome Valley

Balasore Alloys moved higher by 13% to Rs 89.90 on BSE after the company announced the acquisition of 70% stake in Zimbabwe Alloys for cash payment of $16.47 million. “A further payment of $74.26 million to creditors, towards injection of working capital and for a capital expenditure. The payments towards the creditors and members to the company will be paid in a staggered manner”, the company said. The acquisition will help Balasore Alloys in creating synergies and in expanding its business base to different parts of the world. “Consequent upon a scheme ...