Adhunik Metaliks in limelight

Adhunik Metaliks is in the limelight today morning, breaching the 10% UC at Rs.4.27. The company has been consistently hitting the UC for past couple of days.

The stock price rose after it was announced that Liberty House, part of the UK-based GFG Alliance, will complete acquisition of Adhunik within two months of securing a green signal from the  creditors.

The company has secured the approval of the Committee of Creditors (CoC) to acquire and revive the Adunik Metaliks integrated steel production operation at Chadrihariharpur near Rourkela in Odisha in eastern India. The plant currently has steelmaking capacity capable of being expanded to 1 million metric tonnes per annum (mmtpa).

Liberty House was in a neck-to-neck race with Maharashtra Seamless to acquire Adhunik which was referred to the National Company Law Tribunal last year, with total debt of over Rs.5000 crore.

Earlier this year Liberty’s resolution plan for Amtek Auto was also passed by lenders with over 94% majority.