Tata Metaliks has rallied 9% to Rs 90 after the company said it is divesting the Redi facility in Maharashtra for a consideration of Rs 180 crore. The unit has a book value of Rs 114 crore.
“Tata Metaliks is entering into an agreement with Fomento Resources for selling the unit. Fomento has presence in iron ore mining in Goa, Karnataka and Maharashtra," the subsidiary of Tata Steel said in a filing to the stock exchanges.
“The proceeds from the disinvestment would be utilised for reshaping the Balance Sheet and future strategic investments," it added.
A combined 128,000 shares have changed hands on the counter on opening deals, against an average less of than 50,000 shares traded daily in past two weeks.