NMDC Limited board approves demerger of Steel business

The Board of Directors of NMDC Limited, at its meeting held today, July 13, 2021, has approved the Scheme of Arrangement for Demerger between NMDC Limited ("Demerged Company") and NMDC Steel Limited ("Resulting Company") and their respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (hereinafter referred to as the "Scheme").

The said Scheme is subject to necessary statutory and regulatory approvals including the approval of the Securities and Exchange Board of India ("SEBI"), Stock Exchanges, Ministry of Corporate Affairs, Government of India and respective shareholders and creditors, if any, of each of the companies involved in the Scheme.

Shares of NMDC LTD. was last trading in BSE at Rs.172.05 as compared to the previous close of Rs. 165.75. The total number of shares traded during the day was 1823300 in over 11302 trades.

The stock hit an intraday high of Rs. 174.7 and intraday low of 165.65. The net turnover during the day was Rs. 310820209.

Source : Equity Bulls

Keywords