Kalyani Steels share price hits 52-week high after winning ₹450-crore bid for Kamineni Steel assets
₹519.80 apiece on BSE. Kalyani Steels stock price touched an intraday high of ₹576.25 and an intraday low of ₹550.20.
Kalyani Steels stated in a regulatory filing that a cash consideration of ₹450 crore has to be paid on or before April 7, for the acquisition of assets. It further stated that the company has already paid an earnest money deposit of ₹23 crore to participate in an e-auction, which was scheduled for Friday, January 5, for the sale of the assets.
Also Read: Polycab India share price cracks 20% to hit lower circuit on reports of I-T raid Kamineni Steel & Power India Private Limited's (under liquidation) land, buildings, and equipment are among the assets being acquired. In an exchange filing, the company informed that an e-auction was held on Friday, January 5, in accordance with the Insolvency and Bankruptcy Code of 2016, and that on Wednesday, January 10, the company accepted the company as the successful bidder in a letter of intent.
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