The new subsidiary of alloy steel business would focus on enlarging the business and making it global, said Rajesh Shah, Co-Chairman & MD, Mukand Ltd.
Rajesh Shah, Co-Chairman & MD, Mukand Ltd in an interview to CNBC-TV18 spoke about the company's decision to transfer its alloy steel business into a subsidiary.
The new subsidiary was created so that there would be greater focus on alloy steel business, while the stainless steel and engineering business would remain with the main company, said Shah. It would be 99 percent owned subsidiary of Mukand Limited.
However, in future they would surely look at listing the company but as of now they have not yet made those plans, he added.
The company would currently focus on enlarging the business and make it a global business.
He also clarified that the Rs 1590 crore transfer price was based on various assets and there was no opposition from shareholders for this transfer.
transcript to follow
Mukand stock price
On March 16, 2015, at 14:09 hrs Mukand was quoting at Rs 51.55, up Rs 0.80, or 1.58 percent. The 52-week high of the share was Rs 64.10 and the 52-week low was Rs 21.75.
The latest book value of the company is Rs 150.37 per share. At current value, the price-to-book value of the company was 0.34.
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