Sicagen India up 4%, to acquire balance 40% stake in Danish Steel

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Shares of Sicagen India rose 4.4 percent intraday Thursday on board approval to buy remaining stake in Danish Steel Cluster.

The company's board at its meeting held on September 6 has approved the proposed transaction to acquire remaining 40 percent stake in Danish Steel Cluster.

The company had approved to acquire 100 percent equity capital of Danish Steel Cluster in three tranches, of which the company has already completed acquisition of 60 percent.

The company has now proposed to acquire the remaining 40 percent and complete the entire transaction on or before December 31, 2017.

At 09:48 hrs Sicagen India was quoting at Rs 40.40, up Rs 1.45, or 3.72 percent on the BSE.

The share touched its 52-week high Rs 47.25 and 52-week low Rs 19 on 09 May, 2017 and 12 September, 2016, respectively.