Stake sale to enable Arcelor Mittal to participate in stressed asset auctions
Uttam Galva is currently undergoing insolvency proceedings. This factor made Arcelor Mittal ineligible for bidding for stressed assets auctions under the IBC. Under Section 29A of the IBC, a promoter of an insolvent company is not eligible to bid for stressed assets under the IBC. Thus, promoters or their related parties, with non-performing assets (NPAs) greater than one year, are inelligible from participating in auctions.
The total debt of Uttam Galva stood at Rs6,192cr as on FY17.
Uttam Galva Steels Ltd is currently trading at Rs 18.6, down by Rs 0.95 or 4.86% from its previous closing of Rs 19.55 on the BSE.The scrip opened at Rs 18.75 and has touched a high and low of Rs 18.75 and Rs 18.6 respectively. So far 65724(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 278.12 crore.
The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 36.8 on 02-May-2017 and a 52 week low of Rs 19.45 on 05-Feb-2018. Last one week high and low of the scrip stood at Rs 21.95 and Rs 19.45 respectively.
The promoters holding in the company stood at 60.87 % while Institutions and Non-Institutions held 21.44 % and 17.69 % respectively.
The stock is currently trading below its 200 DMA.
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