SAL Steel touches roof on getting nod to borrow Rs 125 crore from AIA Engineering
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SAL Steel is locked its upper circuit limit at Rs. 10.17, up by 0.92 points or 9.95% from its previous closing of Rs. 9.25 on the BSE.
The scrip opened at Rs. 9.25 and has touched a high and low of Rs. 10.17 and Rs. 9.25 respectively. So far 47362 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 16.68 on 12-Jan-2022 and a 52 week low of Rs. 7.55 on 21-Jun-2022.
Last one week high and low of the scrip stood at Rs. 9.40 and Rs. 8.50 respectively. The current market cap of the company is Rs. 86.41 crore.
The promoters holding in the company stood at 50.56%, Non-Institutions held 49.44%.
SAL Steel has received approval for secured borrowing of money by way of Inter Corporate Loans for an amount of Rs 125 crore and other working capital for procurement of raw material for production of Ferro Chrome from AIA Engineering which shall be utilized for the purpose of repayment of Invent Assets Securitisation and Reconstruction as well as for Working Capital and other purposes. The board of director at their meetings held on September 13, 2022 has approved the same.
SAL Steel is engaged in manufacture of stainless steel (SS) products.
