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| Exchange Disseminated Time | Visa Steel Ltd has informed BSE that that the Board of Directors of the Company at its meeting held on October 18, 2012, inter-alia approved the following:
1. To transfer its business of manufacturing and sale of metallurgical coke and associated steam generation units located at Kalinganagar, Odisha by way of slump sale on a going concern basis to VISA Coke Limited for a lump sum consideration approximately equal to its book value, subject to the approval of the shareholders of the Company under Section 293 (1) (a) of the Companies Act 1956 by means Postal Ballot and subject to the approvals, consents permissions and sanctions as may be necessary from the concerned authorities, lenders, Corporate Debt Restructuring Cell and other third parties.
2. To invest/acquire by way of subscription, purchase or otherwise Equity Shares or any other financial instruments of VISA Coke Limited, for an amount not exceeding Rs.180 Crores, subject to the approval of the shareholders of the Company under Section 293 (1)(a) of the Companies Act. 1956 by means Postal Ballot and subject to the approvals, consents, permissions and sanctions as may be necessary from the concerned authorities, lenders, Corporate Debt Restructuring Cell and other third parties. |
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