New Delhi: Debt ridden Uttam Galva Steels, co-promoted by the Miglani family, is likely to be sold to settle its debt. The company’s shares rose 12.41% on Thursday following the reports saying company may soon be put on the block soon.
The company reported a consolidated loss of Rs 1,555 crore for the financial year ended March, against a net profit of Rs 21 crore logged in the same period of the previous year.
Reports said that State Bank of India and IDBI Bank are among its large lenders.
Meanwhile, Liberty House and JSW Steel are in the race to acquire the company.
Regarding to the development, the Bombay Stock Exchange (BSE) has sought clarification from Uttam Galva to provide clarification on the news reports.
The company is yet to give response.