Kalyani Steel announced yesterday after market hours that it has been declared as successful bidder for acquisition of assets of Kamineni Steel & Power India Private Limited (In Liquidation), pursuant to the invitation for Sale of Assets through e-auction platform, under Insolvency and Bankruptcy Code, 2016.

The assets acquired includes land & buildings, plant & machinery of 350,000 MTPA Steel Billet Plant including vehicles, through e-auction conducted for Sale of Assets by Liquidator appointed by Hon’ble National Company Law Tribunal, Hyderabad Bench.

E-auction was conducted on Friday, January 5, 2024 under Insolvency and Bankruptcy Code 2016.

The stock price has reacted positively to this news, opening 6% higher at Rs.550.20 and going on to a new 52-week high at Rs.603.20, up 16%.