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Visa Steel surges on getting nod for Scheme of Arrangement with its WOS

20 Aug 2013 Evaluate

Visa Steel is currently trading at Rs. 21.95, up by 1.15 points or 5.53% from its previous closing of Rs. 20.80 on the BSE.

The scrip opened at Rs. 21.40 and has touched a high and low of Rs. 21.95 and Rs. 20.75 respectively. So far 1212 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 56.20 on 20-Nov-2012 and a 52 week low of Rs. 18.15 on 08-Aug-2013.

Last one week high and low of the scrip stood at Rs. 24.70 and Rs. 19.40 respectively. The current market cap of the company is Rs. 241.45 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 6.04% and 18.96% respectively.

Visa Steel’s Board of Directors at its meeting held on August 12, 2013 has approved the Scheme of Arrangement between the Company and VISA Special Steel (VSSL) and their respective shareholders and creditors, for transfer of Special Steel Undertaking of the Company to VSSL on a going concern basis with the effect from April 1, 2013 (the appointed date).

VSSL is a wholly owned subsidiary of the Company in terms of Section 4 (i) (c) of the Companies Act, 1956 (the Act). The proposed Scheme does not involve any movement of assets or liabilities to any company outside the ownership and control of the VISA Steel Group.

The Scheme of Arrangement is pursuant to the provisions of Sections 391 to 394 and other applicable provisions of the Act and is subject to approval of shareholders, High Court of Judicature at Orissa and other statutory and regulatory authorities including but not limited to Stock Exchanges.

Visa Steel is a leading player in the Special Steel, Coke and Ferro Chrome industry in India with manufacturing facilities located at Kalinganagar Industrial Complex in Odisha.

 

Visa Steel Share Price

33.92 1.58 (4.89%)
16-Apr-2026 14:19 View Price Chart
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