Mukand Ltd. further reduces its debt by INR 499.38 crore

Jamnalal Sons Private Limited(JSPL), an entity belonging to promoter group of the Company, along with its nominees, has completed the purchase from Mukand Ltd.(the Company) of the entire 51% of equity share held by the Company in the capital of Mukand Sumi Special Steel Limited (MSSSL) comprising of 2,12,08,729 (Two Crore Twelve Lakhs Eight Thousand Seven Hundred and Twenty Nine) equity shares for a total consideration of INR 12,13,13,92,988/- (Indian Rupees Twelve hundred thirteen crore thirteen lakhs ninety two thousand nine hundred and eighty eight only).

In the second and final tranche completed on 30th April 2021, JSPL purchased 87,33,006 (Eighty Seven Lakhs Thirty Three Thousand and Six) equity shares constituting 21% of the issued and paid up capital of MSSSL from the Company for a consideration of INR 4,99,52,79,432/- (Indian Rupees Four hundred ninety nine crore fifty two lakhs seventy nine thousand four hundred and thirty two only).

With this final transaction, Mukand Ltd. further reduces it debt by INR 499.38 crore with immediate effect.

Mukand Ltd. continues to retain full ownership of its alloy steel manufacturing assets in Ginigera, Karnataka, & the income derived from sale of its alloy steel products manufactured in Ginigera, Karnataka.

Shares of MUKAND LTD. was last trading in BSE at Rs.107.5 as compared to the previous close of Rs. 107. The total number of shares traded during the day was 27727 in over 324 trades.

The stock hit an intraday high of Rs. 112.35 and intraday low of 103.05. The net turnover during the day was Rs. 3002135.

Source : Equity Bulls

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