Scan Steels board approves investment, expansion projects; Stock sheds 3%

2 Mar 2022 , 09:16 AM

Scan Steels Limited has informed that at the meeting held on March 01, 2022 the Board of Directors has considered and agreed to subscribe for Initial Subscription in RPSG Agro Commodity Pvt. Ltd. (‘Investee Company’) by initial subscribing to equity shares equivalent to 09% of the issued and paid -up share capital of the investee company and in Near future Further investment of Rs2 crore subject to the overall limit should not exceed 10% of the total limit.

Further as per regulatory filing, the Company is making Equity Investments in Karma ReRollers Pvt. Ltd on a Private Placement Basis up to equity shares equivalent to 7% of the total issue at a Premium of Rs20 per share for maximum of Rs5 crore.

The board approved Expansion and Modernization of Plant of the Company at a budget of Rs250 crore. Approx.

The Company has agreed to file the satisfaction of charges on equipment and other vehicles with Axis Bank Limited.

On Wednesday morning trade, Scan Steels was trading at Rs34.15 per share lower by 2.98% on Sensex.