Mukand to transfer cold finished bars and wire business to subsidiary

Manufacturers of alloy and stainless steel long products, Mukand, would be transferring its Cold Finished Bars and Wires Business (CFB&WB) to Technosys Metal Processing, subsidiary of the company, for a consideration of about Rs 252.50 crore.

The amount would be paid by the subsidiary partially by issue of share at premium and by the way of cash on such terms as may be agreed to by the board of directors. Further, the company’s proposal of offloading cold finished bars and wire business has received shareholder’s nod.

Mukand, earlier known as Mukand Iron & Steel Works, is engaged in manufacturing of alloy and stainless steel long products. The company operates in four segments namely steel, industrial machinery, road construction and other products.