Prakash Steelage has informed the exchanges that it has transferred its seamless stainless steel tubes and pipes business to Tubacex Prakash India Pvt Ltd (JV company) in accordance with the provisions of the Business Transfer Agreement. Following the transfer, Prakash Steelage has received ₹209.16 crore, a major part of which is being utilised to repay bank debts. Consequently, the JV company has issued equity shares to Tubacex (67.53 per cent) and Prakash Steelage (32.47 per cent). Following this, the JV has ceased to be a subsidiary of Prakash Steelage. However, Prakash Steelage will continue to own and operate its other businesses, including manufacturing of stainless steel welded tubes and pipes and trading business. The company had entered into a JV agreement in February with Tubacex in this regard. The stock of Prakash Steelage jumped 8.7 per cent at ₹128.95 on the NSE.
J Kumar Infraprojects has informed the exchanges that its Board on Tuesday approved the sub-division of the nominal value of its equity shares from face value of ₹10 to ₹5. The approval is subject to receipt of consent of members at the ensuing AGM, the company notice said. Separately, the company also said that it has won orders worth ₹280 crore for improvement of roads and construction of flyovers and has emerged as the lowest bidder for orders worth another ₹464 crore. Shares of J Kumar Projects edged down 1.5 per cent at ₹746.35 on the BSE.
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