Steel Strips Wheels Limited ('SSWL' or 'Resolution Applicant') had submitted a Resolution Plan for AMW Autocomponent Limited ('AACL' or 'Corporate Debtor') under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. The Resolution Plan as submitted by SSWL for AACL has been approved by the Committee of Creditors of AACL on September 21, 2021 and the Company has received a confirmation from the Resolution Professional of AACL on September 21, 2021 in relation to the same. We have received the Letter of Intent ('LOI') dated September 21, 2021 from the Resolution Professional of AACL. SSWL has accepted the terms of LOI. The closure of the transaction shall be subject to obtaining necessary regulatory approvals, including from the National Company Law Tribunal.
Shares of Steel Strips & Wheels Ltd was last trading in BSE at Rs. 1695 as compared to the previous close of Rs. 1753.7. The total number of shares traded during the day was 3847 in over 346 trades.
The stock hit an intraday high of Rs. 1799 and intraday low of 1681.6. The net turnover during the day was Rs. 6661455.