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Prakash Steelage rises on transferring seamless stainless steel tubes, pipes business

Prakash Steelage Ltd. | Steel & Iron Products | Metals & Mining | BSE: 533239 | NSE: PRAKASHSTL

28 Jul 2015 Evaluate

Prakash Steelage is currently trading at Rs. 121.00, up by 0.90 points or 0.75% from its previous closing of Rs. 120.10 on the BSE.

The scrip opened at Rs. 120.50 and has touched a high and low of Rs. 121.00 and Rs. 120.00 respectively. So far 1,128 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 176.00 on 19-Nov-2014 and a 52 week low of Rs. 106.50 on 10-Jul-2015.

Last one week high and low of the scrip stood at Rs. 132.00 and Rs. 110.10 respectively. The current market cap of the company is Rs. 210.18 crore.

The promoters holding in the company stood at 67.01% while Institutions and Non-Institutions held 7.37% and 25.62% respectively.

Prakash Steelage has transferred its seamless stainless steel tubes and pipes business to Tubacex Prakash India (JV Company) in accordance with the provisions of the Business Transfer Agreement dated July 25, 2015 entered into between the company and the JV Company. This step has been taken pursuant to the Joint Venture Agreement (JVA) executed between the Company and Tubacex S.A. Spain, dated February 13, 2015.

Pursuant to the transfer of business as per the JVA, the company has received a consideration of Rs 209.16 crore, a major part of which is being utilized to repay the bank debts. Consequently, the JV Company has issued equity shares to Tubacex S.A and the company. Post closing of the JVA, the company now holds 32.47% of the equity shares and the balance shareholding of 67.53% is held by Tubacex S.A in the JV Company. Consequently, the JV Company is no longer a subsidiary of the company.

Further, the company will continue to own and operate all its other businesses, including the manufacturing of stainless steel welded tubes and pipes and trading business.

Prakash Steelage Share Price

4.70 -0.07 (-1.47%)

24-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
Tata Steel	210.00
JSW Steel	1255.20
SAIL	178.55
Jindal Stainless	766.85
APL Apollo Tubes	2004.30
View more..

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Prakash Steelage rises on transferring seamless stainless steel tubes, pipes business

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