Maharashtra Seamless rallies 4% on acquisition of pipe maker under CIR process
The DP Jindal Group company made this acquisition under the Corporate Insolvency Resolution Process (CIR process).
The acquisition of hot roll seamless pipe manufacturing company lifted Maharashtra Seamless shares nearly 4 percent in morning on Wednesday.
“….made payment of Rs 477 crore for acquisition of United Seamless Tubulaar Private Limited (USTPL),” the ERW and seamless pipes & tubes manufacturer said in its filing.
The DP Jindal Group company made this acquisition under the Corporate Insolvency Resolution Process (CIR process) under the Insolvency and Bankruptcy Code 2016 as approved by Hyderabad Bench of National Company Law Tribunal.
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