Tata Steel to Sell Cold Rolling Mill at Sisodra, Gujarat

Tata Steel Ltd has announced that the Company, pursuant to the Sale Agreement signed on April 02, 2007 has agreed to sell its Cold Rolling Mill at Sisodra, as a going concern to Theis Precision Steel India Pvt Ltd. (Theis), an indirect wholly owned subsidiary of Friedr. Gustav Theis Kaltwalzweke GmbH, Germany at a consideration of Rs 67 crores.

The above transaction is subject to Theis completing the conditions precedent by April 30, 2007.

Shares of the company were trading down Rs.16.85 or 3.75% at Rs.432.75 on volume of 521303 shares compared to 2 week average quantity of 889374. The stock hit an intraday high of Rs.445 and low of Rs.430.

Source : Equity Bulls

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