Kirloskar Ferrous Industries gains on getting nod to acquire pig iron plant of VSL Steels

14 Sep 2020 Evaluate

Kirloskar Ferrous Industries is currently trading at Rs. 87.60, up by 0.55 points or 0.63% from its previous closing of Rs. 87.05 on the BSE.

The scrip opened at Rs. 87.25 and has touched a high and low of Rs. 89.00 and Rs. 86.90 respectively. So far 11420 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 97.00 on 21-Aug-2020 and a 52 week low of Rs. 37.20 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 89.00 and Rs. 82.50 respectively. The current market cap of the company is Rs. 1220.64 crore.

The promoters holding in the company stood at 59.33%, while Institutions and Non-Institutions held 13.69% and 26.98% respectively.

Kirloskar Ferrous Industries has received an approval for acquisition of movable and immovable assets relating to the pig iron plant of VSL Steels situated at Paramenahally Village, Hiriyur, Chitradurga District, Karnataka State for a cash consideration of not exceeding Rs 135 crore payable in installments. The object of proposed transaction is to expand production capacity of Pig Iron of the company. After completion of the Transaction, the production capacity of pig iron will increase from 3,91,400 Metric Tonnes per annum to 5,41,400 Metric Tonnes per annum.

The purchase consideration of Rs 135 crore will be exclusive of applicable taxes, duties and charges thereon and will be financed partly by way of borrowings and partly by way of internal accruals. Proposed Transaction is expected to be completed in two stages; viz. operations of pig iron plant are expected to commence within six months and that of sinter plant within 18 months. The Board of Directors of the company at its meeting held on September 12, 2020 has granted its in-principle approval for the same.

Kirloskar Ferrous Industries (KFIL) was formed with the intention of transforming the high quality Pig Iron and Grey Iron casting industry. With a parent company that possesses a rich 130year manufacturing and engineering legacy, KFIL has been built on a solid foundation of innovation and customer centricity.

Kirloskar Ferrous Share Price

540.00 9.75 (1.84%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
Electrost Castings 180.00
AIA Engineering 3963.00
Kirloskar Ferrous 540.00
Nelcast 128.10
Alicon Castalloy 819.90
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.