Kirloskar Ferrous rises 9%; to acquire assets of VSL Steels

The company's board has granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant of VSL Steels for a cash consideration of Rs 155 crore payable in instalments.

July 28, 2016 / 13:31 IST

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Moneycontrol BureauShare price of Kirloskar Ferrous Industries touched 52-week high of Rs 89.70, adding more than 9 percent intraday Thursday as it has received board approval to acquire assets of VSL Steels.The company's board has granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant of VSL Steels for a cash consideration of Rs 155 crore payable in instalments.The sale of assets are subject to certain commercial conditions, necessary governmental or regulatory approvals and the approval of the board of directors and the shareholders of VSL Steels.Post the completion of said acquisition, the company's production capacity of pig iron will increase from 3,60,000 metric tonnes per annum to 5,40,000 metric tonnes per annum.At 12:43 hrs Kirloskar Ferrous Industries was quoting at Rs 85.40, up Rs 3.25, or 3.96 percent on the BSE.Posted by Rakesh Patil

first published: Jul 28, 2016 12:46 pm

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