Usha Martin rises as its arm to acquire 50% share capital of TUWCL
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Usha Martin is currently trading at Rs. 312.10, up by 3.50 points or 1.13% from its previous closing of Rs. 308.60 on the BSE.
The scrip opened at Rs. 310.05 and has touched a high and low of Rs. 312.10 and Rs. 308.40 respectively. So far 20127 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 373.60 on 11-Sep-2023 and a 52 week low of Rs. 164.45 on 23-Feb-2023.
Last one week high and low of the scrip stood at Rs. 326.35 and Rs. 299.75 respectively. The current market cap of the company is Rs. 9404.34 crore.
The promoters holding in the company stood at 47.51%, while Institutions and Non-Institutions held 15.89% and 36.60% respectively.
Usha Martin’s subsidiary -- Usha Siam Steel Industries Public Company (USSIPCL) has entered into an agreement to acquire 50% of the share capital of Tesac Usha Wirerope Company (TUWCL), a step-down joint venture of the Company from Kobelco Wire Company. Post this acquisition, TUWCL will become a subsidiary of USSIPCL and a step-down subsidiary of the Company. Cost of acquisition is Baht 74.45 million.
Usha Martin is one of the world’s leading manufacturer of wire rope.
