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Mukand Ltd has decided to transfer its special and alloy steel business on slump sale to a yet-to-be formed subsidiary company. The restructuring proposal, which was approved by the board on Monday, was intended to attract strategic partner, said the company in a statement. The company has alloy steel making capacity of 370,000 tonnes a year. The enterprise value of the business is pegged at ₹1,590 crore, it said. The net consideration of the deal will be paid in cash by the subsidiary company as per the terms of business transfer agreement to be signed. Shares of the company were up 0.44 per cent at ₹46 on Monday.
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