Lloyds Steel trades jubilantly as Uttam Galva buys 58.35 percent stake

Evonith Value Steel Ltd. | Steel & Iron Products | Metals & Mining | BSE: 500254 | NSE: UVSL

19 Nov 2012 Evaluate

Lloyds Steel is currently trading at Rs. 13.65, up by 1.53 points or 12.62% from its previous closing of Rs. 12.12 on the BSE.

The scrip opened at Rs. 12.72 and has touched a high and low of Rs. 14.54 and Rs. 12.72 respectively. So far 387904 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 14.54 on 19-Nov-2012 and a 52 week low of Rs. 6.75 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 14.54 and Rs. 12.00 respectively. The current market cap of the company is Rs. 913.71 crore.

The promoters holding in the company stood at 36.14% while Institutions and Non-Institutions held 16.43% and 47.43% respectively.

Uttam Galva group has bought 58.35 percent stake in ailing Lloyds Steel. The acquisition has been done in three phases by the Miglani family controlled group, for which the process had begun in March, when Uttam Galva had acquired 24.53 stake stake for about Rs 180 crore. The company is also planning to invest additional Rs 380 crore in Lloyds Steel to turnaround the company.

The deal is the second major acquisition by Uttam Galva's promoters, the Miglani family, in recent times in a steel firm. Last year, the Miglanis had acquired mining baron G. Janardhana Reddy's Brahmani Industries Karnataka for about Rs 285 crore through Uttam Galva Ferrous.

Lloyds Steel, which has a production capacity of 1 million tonnes per annum (MTPA), has reported net losses of Rs 290 crore in last three financial years. The company has a total loan portfolio (both, secured and unsecured) of about Rs 384 crore.

Uttam Galva Steels (UGSL) is engaged in the business of manufacturing Cold Rolling (CR) Coils, Cold Rolled Close Annealed (CRCA), Galvanized Plain Products (GP) and Galvanized Corrugated Products (GC). Company has emerged as one of the largest manufacturers of cold rolled steel ('CR') and galvanized steel (GP) in Western India.

Evonith Value Steel Share Price

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