Modern Steels stock closes at new 52-week high after completing business transfer agreement

6 Jan 2022 , 04:12 PM

Modern Steels informs exchanges that the business transfer agreement (BTA) wholly-owned subsidiary of Arjas Steel has been completed.

The completion date is January 05, 2022.

In December 2020, the company received approval to sell, transfer its steel business, heat treatment business and auto component business (‘Business Undertaking”). as a going concern on a slump sale basis, by way of a business transfer agreement (8TA’), to a wholly-owned subsidiary of Arjas Steel  (Arjas”) by the name of “Arjas Modern Steel” (Purchaser”).

On Sensex, Modern Steels closed at a new 52-week high of Rs9.62 per piece up 4.9%.