Mukand gets nod to divest 51% stake in Mukand Sumi Special Steel
2nd Sep 2020

Mukand’s board has approved the proposal for divestment of upto 51% equity stake/investment (Sale Shares) held in Mukand Sumi Special Steel (MSSSL) to promoter group entity(ies) (Proposed Buyer), in one or more tranches, over a period of 12 months, subject to the approval of shareholders and other approvals as may be required, at a consideration of not less than Rs 571.91 per share, aggregating to total consideration of not less than Rs 1,212.95 crore (Proposed Transaction). Post receipt of requisite approvals, the company shall enter into a definitive agreement to sell Sale Shares to the Proposed Buyer. The Board of Directors of the company at its meeting held on August 31, 2020, has considered and approved the same.

Mukand is a multi-division, multi-product conglomerate involved in the manufacture of specialty steel long products and heavy machinery.