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Shares of Tata Steel touched 52-week high of Rs 561.95, gains 1% percent in the early trade on Wednesday after the company has sold its stake in the joint venture company.
The company has divested its entire equity stake in a 50 percent joint venture company Tata Elastron S.A. to Elastron S.A.
The company has entered into an agreement for stake sale on July 10 and received Euro 0.368 million from the divestment of stake.
Elastron S.A, who was Tata Steel’s joint venture partner in Tata Elastron, is engaged in steel processing and reselling of steel products, predominantly in Greece.
The buyer does not belong to Tata Steel’s promoter / promoter group / group companies.
On July 11, Tata Steel UK has signed a definitive sale agreement to sale its 42 and 84-inch pipe mills in Hartlepool to Liberty House Group.
At 09:16 hrs Tata Steel was quoting at Rs 560.80, up Rs 3.75, or 0.67 percent on the BSE.
Posted by Rakesh Patil
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