The acquisition of hot roll seamless pipe manufacturing company lifted Maharashtra Seamless shares nearly 4 percent in morning on Wednesday.
“….made payment of Rs 477 crore for acquisition of United Seamless Tubulaar Private Limited (USTPL),” the ERW and seamless pipes & tubes manufacturer said in its filing.
TheDP Jindal Group companymade this acquisition under the Corporate Insolvency Resolution Process (CIR process) under the Insolvency and Bankruptcy Code 2016 as approved by Hyderabad Bench of National Company Law Tribunal.
At 09:34 hours IST, the stock was quoting at Rs 444.60, up Rs 11.70, or 2.70 percent on the BSE.
Read the full article at: https://www.moneycontrol.com/news/business/markets/maharashtra-seamless-rallies-4-on-acquisition-of-pipe-maker-under-cir-process-3560971.html