Mukand board nod to alloy steel rolling biz sale to Mukand Vijayanagar Steel

The board of Mukand has approved the slump sale of its alloy steel rolling and finishing business to Mukand Vijayanagar Steel, following which the latter will be merged with Mukand Alloy Steels Pvt Ltd. The slump sale will be at a consideration of ₹227 crore, to be paid within six months of the effective date of the scheme. Under the scheme of amalgamation, Mukand Alloy Steels will issue three equity shares of ₹10 each to the shareholders of Mukand Vijaynagar Steel for every share held in the latter. Shares of Mukand were down 3 per cent at ₹68.30 on the NSE.