Scan Steels board approves investment, expansion project

The Board of Directors of Scan Steels Limited at the meeting held today, i.e., 01st March, 2022, has considered and agreed to subscribe for Initial Subscription in RPSG Agro Commodity Pvt. Ltd. ('Investee Company') by initial subscribing to equity shares equivalent to 09% of the issued and paid -up share capital of the investee company and in Near future Further investment of Rs. 2 Crore subject to the overall limit should not exceed 10% of the total limit.

The Company is making Equity Investments in Karma ReRollers Pvt. Ltd on a Private Placement Basis up to equity shares equivalent to 7% of the total issue at a Premium of Rs. 20 per share for maximum of Rs. 5cr.

The board approved Expansion and Modernization of Plant of the Company ('Scan Steels Limited') at a budget of Rs. 250cr. Approx.

The Company has agreed to file the satisfaction of charges on equipment and other vehicles with Axis Bank Limited.

Shares of Scan Steels Limited was last trading in BSE at Rs. 35.20 as compared to the previous close of Rs. 33.80. The total number of shares traded during the day was 228756 in over 1643 trades.

The stock hit an intraday high of Rs. 37.65 and intraday low of 30.20. The net turnover during the day was Rs. 7812570.00.

Source : Equity Bulls

Keywords

ScanSteels INE099G01011 Investment Expansion Modernization