Sensex Today: Kalyani Steels Surges 9 Percent After Successful Bid for Kamineni Steel and Power India Assets

Sensex Today: Kalyani Steels Surges 9 Percent After Successful Bid for Kamineni Steel and Power India Assets

VoM News Desk | January 11, 2024 | 10:44 AM IST | Breaking News | Follow on Google News

Sensex Today: Kalyani Steels Surges 9 Percent After Successful Bid for Kamineni Steel and Power India Assets/Business Standard

Sensex Today: Kalyani Steels Surges 9 Percent After Successful Bid for Kamineni Steel and Power India Assets

Kalyani Steels experiences a 9% surge as it successfully secures the bid for acquiring assets from Kamineni Steel and Power India under liquidation. Key details include:

• Acquisition Success: Kalyani Steels emerges victorious in the bid to acquire assets from Kamineni Steel and Power India, a company undergoing liquidation.
• Financial Transaction: The acquisition involves a cash consideration of ₹450 crore. The payment for the assets is scheduled on or before April 7. An initial ₹23 crore has already been paid as an earnest money deposit during the e-auction held on January 5 for asset sale.

This development reflects Kalyani Steels’ strategic move to expand its assets and operations, contributing to its market growth.

VoM News Desk

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