Readymade Steel gains as its arm successfully completed acquisition of PSLE and RPL in Singapore

31 Dec 2013

Readymade Steel India is currently trading at Rs 124.60, up by 1.95 points or 1.59% from its previous closing of Rs 122.65 on the BSE.

The scrip opened at Rs 124.00 and has touched a high and low of Rs 129.90 and Rs 122.50 respectively. So far 21635 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs 140.90 on 26-Dec-2013 and a 52 week low of Rs 36.25 on 10-Apr-2013.

Last one week high and low of the scrip stood at Rs 140.90 and Rs 119.70 respectively. The current market cap of the company is Rs 143.67 crore.

The promoters holding in the company stood at 64.44% while Institutions and Non-Institutions held 2.93% and 32.64% respectively.

Readymade Steel India’s subsidiary -KH Foges, Singapore has successfully completed the acquisition of the entire share capital of PSL Engineering (PSLE) and Rotary Piling (RPL), wholly owned subsidiaries of PSL Holdings, Singapore. The acquisition cost is about Rs 85 crore as per the Share Purchase agreement.

PSLE was incorporated in Singapore in 1984. PSLE is one of the leading foundation engineering company in Singapore specializing in Micro-Pile, Soil Nail, Soil and Rock Anchors etc. RPL was incorporated in Singapore in 1974 having its specialisation in bore piling, civil, mechanical construction and other ground engineering works.

Readymade Steel India is one of the pioneers in introducing the concept of ready to use steel for the construction industry in the country. RMS's product offerings include ready to use steel, primarily re-bars to be used in construction activities in various sectors like roads, power plants, ports, airports, housing, bridges, metros, monorails etc.

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