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Mahindra Ugine touches the roof on selling 51% stake to M&M

Mahindra Ugine Steel Company Ltd.(Amalgamated) | Steel & Iron Products | Metals & Mining | BSE: 504823 | NSE: MAHINDUGIN

18 Jun 2013 Evaluate

Mahindra Ugine Steel Company is currently trading at its upper circuit limit of Rs. 78.85, up by 7.15 points or 9.97% from its previous closing of Rs. 71.70 on the BSE.

The scrip opened at Rs. 78.85 and has touched a high and low of Rs. 78.85 and Rs. 78.85 respectively. So far 19150 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 78.85 on 18-Jun-2013 and a 52 week low of Rs. 40.65 on 05-Jun-2013.

Last one week high and low of the scrip stood at Rs. 78.85 and Rs. 49.80 respectively. The current market cap of the company is Rs. 256.12 crore.

The promoters holding in the company stood at 55.47% while Institutions and Non-Institutions held 4.96% and 39.57% respectively.

Mahindra Ugine Steel Company has sold of entire shareholding of 51, 00,000 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel (MSSSPL), a subsidiary of the company, constituting 51% of the equity share capital of MSSSPL, to Mahindra & Mahindra for an aggregate consideration of Rs 214.33 crore.

The said consideration is as per the Valuation Report of an Independent professional firm. The above proposal for sale of investment in MSSSPL is subject to necessary approvals, as may be required. The Committee of Directors of the company at its meeting held on June 15, 2013 has approved for the same.

Mahindra Ugine Steel Company is engaged in the manufacturing of alloy & special steel through Electric Arc Furnace (EAF) route & caters to the automotive, engineering, bearing & other industries. The company manufactures a wide array of products including skin components, underbody components, critical assemblies, chassis components and car body sheet metal (Body in White) parts with a total capacity of 30,000 metric tons.

Mahindra Ugine Steel Share Price

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Mahindra Ugine touches the roof on selling 51% stake to M&M

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