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Business News/ Markets / Stock Markets/  Kalyani Steels share price hits 52-week high after winning 450-crore bid for Kamineni Steel assets
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Kalyani Steels share price hits 52-week high after winning ₹450-crore bid for Kamineni Steel assets

Kalyani Steels is set to acquire the assets of Kamineni Steel and Power India for a cash consideration of ₹450 crore, with a deadline for payment on April 7.

Kalyani Steels share price opened at ₹519.80 apiece on BSE. Kalyani Steels stock price touched an intraday high of ₹576.25 and an intraday low of ₹550.20.Premium
Kalyani Steels share price opened at 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 share price surged nearly 11% to hit a 52-week high on Thursday's session after Kalyani Steel emerged as the successful bidder to purchase the assets of Kamineni Steel and Power India, which were in liquidation. Kalyani Steels share price opened at 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.

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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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“All assets which are being acquired, are related to Steel Manufacturing business of the company," said Kalyani Steels in the filing.

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The assets have to be acquired by May 7, 2024, at the latest.

As per trendlyne data, Kalyani Steels stock price rose 43.22% and underperformed its sector by 21.01% in the past year.

According to the data on the company website, Kalyani Steels Ltd. is a division of the Kalyani Group, which is worth over $3.0 billion. Kalyani Steels, a prominent producer of premium carbon and alloy steels through forging and engineering, was founded in 1973 and utilises the Blast Furnace method of production.

Kalyani Steels has been consistently modernising its infrastructure and technology over the years. Kalyani Steels' facilities are on par with those of any highly developed steel producer worldwide.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 11 Jan 2024, 10:00 AM IST
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