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| Exchange Disseminated Time | Visa Steel Ltd has informed BSE that pursuant to the "Agreement for Sale of Business" entered by the Company with VISA Coke Limited ("VCL") on November 20, 2012, the Company has transferred its business of manufacturing and sale of metallurgical coke and the associated steam generation units located at Kalinganagar Industrial Complex, Odisha by way of Slump Sale on a going concern basis to VCL. The Company had earlier received the approval of the members for the aforesaid by Postal Ballot.
The Company had executed a Share Purchase and Subscription Agreement ("SPSA") dated November 20, 2012 with VCL, Sun Coke Europe Holding B. V. ("SunCoke), a Company incorporated under the laws of Netherland and Kalinganagar Metcoke Private Limited ("KMPL"). In accordance with the SPSA, SunCoke has invested approximately Rs. 368 Crores (US $ 67 million), to form a coke making joint venture in India holding 49% of the paid up equity share capital of VCL. The remaining 51% is to be held by KMPL, a wholly owned subsidiary of VSL.
The aforementioned parties to the Agreement for Sale of Business and the SPSA have achieved closing on March 18, 2013, upon fulfilment of all the underlying closing conditions thereby giving effect to the transfer of the coke making business and the joint venture. |
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