Balasore Alloys gains 6%, will acquire 70% of Zimbabwe Alloys

Share price of Balasore Alloys gained nearly 6 percent in the early trade on Wednesday as the company will acquire 70 percent of Zimbabwe Alloys.

The company will acquire either by itself and/or through its nominees and affiliates, 70 percent shares of Zimbabwe Alloys (ZAL).

ZAL holds 19,780 hectares of mining areas in different parts of Zimbabwe, which has proven resources of 72.25 million tonnes of chrome ore.

Zimbabwe Alloys Chrome is a wholly owned subsidiary of ZAL has a ferro chrome plant.

The scheme is subject to fulfilment of certain conditions precedent contained in the scheme of arrangement.

At 09:32 hrs Balasore Alloys was quoting at Rs 82.60, up Rs 3.25, or 4.10 percent on the BSE.