Visa Steel board approves scheme of amalgamation

KOLKATA: Visa Steel has said that its board of directors have approved a scheme of amalgamation of Kalinganagar Special Steel with Visa Steel at a meeting held on Thursday.

Under the arrangement, Kalinganagar will be amalgamated into Visa Steel and their respective shareholders and creditors under sections 391 to 394 of the Companies Act, 1956. Since Kalinganagar Special Steel is a wholly owned subsidiary of Visa Steel no shares are proposed to be issued pursuant to the Scheme.

The company said the scheme is subject to approval of High Court of Orissa and other statutory authorities as may be applicable. The VISA Steel scrip closed at Rs 17.80, down 0.28% on the BSE on Friday.