Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Usha Martin Limited signs agreement to sell steel business to Tata Steel Ltd

Posted On: 2018-09-23 08:21:50

Usha Martin Limited ("UML") has today executed definitive agreements for sale of its steel business to Tata Steel Limited or its subsidiaries ("TSL") through a slump sale on a going concern basis for a consideration being in the range of Rs.4300 crores - Rs. 4700 crores. The closing of this sale is subject to fulfilment of various conditions under the agreements, which are primarily regulatory, shareholders and the consent of our lenders. UML and TSL shall jointly work towards fulfilment of various conditions precedent agreed in the definitive agreements and will work expeditiously to complete the closing. All the employees pertaining to steel business will be transferred as part of the divestment and the sale proceeds will be applied first to repay existing lenders of UML. Post divestment of steel division and repayment of exiting lenders, UML will be able to operate a significantly deleveraged wire rope business, in which it is one of the leading global player.

The committee of Independent Directors of UML, that was authorised to oversee the sale process of the steel division, unanimously recommended to the Board the sale of steel business of UML to TSL. Upon deliberation, the Board of UML was pleased to approve the transaction, subject to fulfilment of various conditions precedent agreed in the definitive agreements. The divestment is part of UML's commitment towards all its stakeholders.

SBI Capital Markets and Arpwood Capital acted as the financial advisors to Usha Martin Limited and Khaitan & Co. acted as the exclusive legal advisor.

Shares of USHA MARTIN LTD. was last trading in BSE at Rs.31.4 as compared to the previous close of Rs. 32.45. The total number of shares traded during the day was 876469 in over 2573 trades.

The stock hit an intraday high of Rs. 34.35 and intraday low of 28.1. The net turnover during the day was Rs. 27807145.

Shares of TATA STEEL LTD. was last trading in BSE at Rs.624.55 as compared to the previous close of Rs. 620.45. The total number of shares traded during the day was 1518085 in over 26116 trades.

The stock hit an intraday high of Rs. 646.7 and intraday low of 585. The net turnover during the day was Rs. 946790840.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Manappuram Finance Ltd to acquire 100% in Manappuram Comptech & Consultants Ltd

BEML Ltd board declares interim dividend of Rs. 4.50

Power supply restored at Amit Spinning Industries Ltd's factory

Pierer Industrie and Bajaj in discussions for Bajaj to participate at KTM Industries level

PFC signs agreement to acquire majority stake in REC Limited

Infosys and Roland-Garros Partner for Digital Innovation

DIAL awards the Commercial Development Rights at Aerocity, Delhi to a consortium led by M/s Bharti Realty

Bosch Ltd to form JV with Prettl India Pvt Ltd

Frontline Securities Ltd board to consider buy-back on March 26, 2019

IDFC FIRST Bank Ltd has sold 8.37% stake in ARCIL

Sun TV Network Ltd appoints R Mahesh Kumar as MD

CCL Products India Ltd board to consider interim dividend on March 23, 2019

Greenlam Industries Ltd to increase capacity through brownfield expansion

Smt. Sushmita Dasgupta appointed as Government Director of Indian Oil Corporation Ltd

Promoter group entities of Greaves Cotton Ltd to merge

California Software Company Ltd to consider allotment of OCRPS to Chemoil

Adani Transmission Ltd board approves buy-back of 10,000 NCDs

ABans Enterprises Ltd to acquire Abans Jewels Pvt Ltd

HUDCO updates on medium term note programme

Gopala Polyplast Ltd withdraws QIP

Sayaji Hotels Ltd terminates lease agreement with Barbeque-Nationa

GE T&D India Ltd updates on transformer business

Karnataka Bank opens its 839th Branch at Nadugodu - Kateel

Zensar brings 'Experience Digital Returns' focused solutions to Adobe Summit 2019

Topcoder's Crowdsourced Quality as a Service for On-Demand Testing Enables Faster Speeds, Greater Work Volumes for Customers

Krypton Industries Ltd receives order of Rs. 23.10 crores

CG equipped 'Deutsche Bucht' offshore substation topside sails out

Prima Plastics Ltd's JV declares dividend

Asian Oilfield Services receives LOI from Oilmax for contract of Rs. 210 crores for 10 years

Toyota and Suzuki Agree to Start Consideration toward New Collaboration

HFS Research Ranks HGS in the Top 3 for Voice of the customer in survey of more than 300

REC Ltd approves market borrowing programme for 2019-20

Onida launches smart air conditioners ONYXS and GENIO

Alankit Ltd Board approves interim dividend of Rs. 0.20 for 2018-19

Vodafone Idea Ltd board approves terms of rights issue

SBI Life Insurance Company Ltd fixes Apr 4, 2019 as record date for interim dividend

Newgen Positioned as a Strong Performer in Digital Process Automation for Wide Deployments by Top Independent Research Firm

Colgate Palmolive India Ltd fixes Apr 8, 2019 as record date for second interim dividend

Mahindra & Mahindra Financial Services Ltd allots 5000 NCDs worth Rs. 500 crores

The launch of Wealth Qube - 2020 at Intellect User Meet, Dubai

SHARP India Ltd board meeting to approve appointment of Mr. Naoki Hatayama as MD

Indraprastha Gas Ltd announces cessation of two independent directors

SHARP India Ltd announces resignation of MD

China Telecom Global partners with Tata Communications

HCL and Xerox expand Strategic Partnership to accelerate operational Transformation

Jet Airways India Ltd grounds another 6 aircraft

Vikas WSP Ltd updates on US court litigation

Tata Steel Bsl Ltd allots NCRPS worth Rs. 6500 crore to Tata Steel Ltd

IDBI Bank Ltd approves rupee bond borrowing limit of Rs. 4000 crore

Newgen secures another Patent for its invention - Integrated and Automatic Generation of Carbon Credits







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019