Shares of Mukand Ltd today closed sharply 11 per cent higher after the company said its board has approved transfer of special and alloy steel business to a yet-to-be-formed subsidiary for an enterprise value of Rs 1,590 crore.
The stock settled with a gain of 11.20 per cent at Rs 51.15 on the BSE. During the day, it surged 20 per cent to Rs 55.20.
At the NSE, it climbed 11.28 per cent to end at Rs 51.30.
On volume front, 7.11 lakh shares of the company changed hands at the BSE, while over 14 lakh shares were traded at the NSE during the day.
Mukand Ltd, in which promoters held 73.36 per cent stake, as on September-end, yesterday informed the bourse that the move was aimed at facilitating introduction of a strategic partner in the company.
The Board, at a meeting held yesterday, gave nod for the transfer of the special and alloy steel business by way of a ‘slump sale’, subject to deduction of debt and net working capital adjustment, the company said.