HEG to Hive off Steel Division to Jai Balaji Industries Ltd

HEG Ltd has announced that the Company has entered into an arrangement to hive-off of its Steel Division at Durg, Chhatishgarh under a Scheme of arrangement subject to approval of the respective High Courts and other regulatory authorities, Board of Directors of the Company and other necessary compliances, to Jai Balaji Industries Ltd. of Kolkatta at a mutually agreed consideration. The matter will be placed before the Board of Directors of the Company at their meeting to be held on July 18, 2007 for deliberations and approval.

The stock was trading at Rs.210.75, up by Rs.3.40 or 1.64%. The stock hit an intraday high of Rs.216 and low of Rs.202. The total traded quantity was 252277 compared to 2 week average of 95724.

Source : Equity Bulls

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