Tuesday, 12 June 2018

Usha Martin hits 52-week High on Board approval for Sale of steel Business

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The company at its board meeting held on June 11 has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company.

Shares of Usha Martin touched 52-week high of Rs 33, rising 12 percent intraday Tuesday as company has decided to explore the sale of its steel business.

The company at its board meeting held on June 11 has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company.

The Board reconstituted the committee of independent directors of the company to appoint investment bankers, consultants and advisors to help evaluate proposals and oversee the process for sale of steel business of the company, according to Trade Nivesh Investment Advisor

The actual sale of the business will only be undertaken by the company after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders.

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