NBCC board accords in-principle approval for takeover of Hindustan Steelworks

NBCC has accorded in-principle approval for takeover of Hindustan Steelworks Construction Limited (HSCL) after restructuring its balance sheet inter alia involving waiver off Government loans with interest up to the date of takeover and providing further contribution for contingent liabilities and payment of other liabilities including bank loans.

Mar 21, 2016 09:03 IST India Infoline News Service

National Buildings Construction Corporation Ltd has informed BSE that the Board of Directors of NBCC has accorded in-principle approval for takeover of Hindustan Steelworks Construction Limited (HSCL) after restructuring its balance sheet inter alia involving waiver off Government loans with interest up to the date of takeover and providing further contribution for contingent liabilities and payment of other liabilities including bank loans.

Stock market:
 National Buildings Construction Corporation Ltd is currently trading at Rs. 942.2, down by Rs. 7.25 or 0.76% from its previous closing of Rs. 949.45 on the BSE.

The scrip opened at Rs. 943 and has touched a high and low of Rs. 953.4 and Rs. 941.05 respectively. So far 17750(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11393.4 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1214.5 on 06-Aug-2015 and a 52 week low of Rs. 702 on 28-Apr-2015. Last one week high and low of the scrip stood at Rs. 970.1 and Rs. 914.75 respectively.

The promoters holding in the company stood at 90 % while Institutions and Non-Institutions held 3.27 % and 6.73 % respectively.

The stock is currently trading below its 200 DMA.

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