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| Exchange Disseminated Time | Mukand Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 22, 2014, has approved a proposal to transfer its Special & Alloy Steel Business, having an installed capacity of 3,70,000 MT per annum, as a going concern by way of a slump sale to a subsidiary company (to be formed) for an enterprise value of approximately Rs. 1590 crore, subject to deduction of debt and net working capital adjustment as on the date of transfer .
The net consideration will be paid in cash by the subsidiary as per the terms of the Business Transfer Agreement to be executed in this regard. The aforesaid transaction is subject to requisite approvals. Mukand proposes to seek an approval of its shareholders by postal ballot for the above transaction.
The above restructuring proposal is intended to facilitate the possible introduction of a strategic partner.
The Board has constituted a Committee of Directors to finalise the above referred transfer agreement. |
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