Mukand shares surge 20% on bourses

Shares of Mukand Ltd surged 20 per cent today after the company said its Board has approved transfer of special and alloy steel business to a yet-to-be- formed subsidiary for an enterprise value of Rs 1,590 crore.
Stocks of the manufacturer of stainless steel maker jumped 20 per cent to Rs 55.20 per share at the BSE.
On the NSE, it rallied nearly 20 per cent to Rs 55.30.
Mukand Ltd, in which promoters held 73.36 per cent stake, as on September-end, had yesterday said in a BSE filing that the move was aimed at facilitating introduction of a strategic partner in the company.

The company said its Board, at a meeting held yesterday, has given nod for the transfer of the special and alloy steel business by way of a 'slump sale', subject to deduction of debt and net working capital adjustment.