Company News: Visa Steel

| Updated on June 10, 2014 Published on June 10, 2014

Visa Steel on Tuesday received shareholder approval for transfer of the company’s special steels business to its wholly owned subsidiary Visa Special Steel Ltd. However, the arrangement is subject to approval of the Odisha High Court, the company said. Shares of Visa Steel ended at ₹26.55 on the National Stock Exchange, down 2.57 per cent from the previous close.

Tricom India has informed the exchanges that it has reduced the GDRs (global depository receipts) ratio. Currently, 29.75 lakh GDRs of the company are listed on the Luxemburg Stock Exchange. The company now proposes to change the current GDR ratio of 1:2 to 1:20 (i.e., each DR would be equivalent to 20 underlying equity shares). Consequently, the number of DRs will stand reduced from 29.75 lakh to 2.975 lakh for 59.50 lakh shares. The change in ratio will be effective from Thursday.

Future Lifestyle Fashions, the lifestyle and fashion segment of the Future Group, on Tuesday said that it has acquired 12 per cent stake in Unico Retail Pvt Ltd, which is engaged in the business of accessories - belts, wallets and handbags - under the Peperone brand in India. Future Lifestyle, however, did not provide financial details of the deal. Shares of Future Lifestyle ended up 1.5 per cent at ₹104.20 on the NSE.

Published on June 10, 2014
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