Mukand has executed a Business Transfer Agreement for transfer of its Special & Alloy Steel Business to its subsidiary company ‘Mukand Alloy Steels’ on a slump sale basis for a lump sum consideration of Rs 1,590 crore, subject to deduction of debt and net working capital adjustment. The aforesaid transaction will be effective on receipt of requisite approvals, including that of the lenders and on satisfaction of certain conditions precedent.

The board of directors at their meeting held on December 22, 2014 had approved a proposal to transfer its Special & Alloy Steel Business to a subsidiary company. The shareholders of the company have by postal ballot approved the sale with requisite majority on February 18, 2015.

Mukand, earlier known as Mukand Iron & Steel Works, is engaged in manufacturing of alloy and stainless steel long products. The company operates in four segments namely steel, industrial machinery, road construction and other products.

Source : http://money.livemint.com/