India Steel Works surges on stake sale

MUMBAI: Shares of India Steel Works surged higher after the company sold 10 per cent stake to a Dubai-based company.

Formerly known as Isibars, the Mumbai-based company has sold 10% equity stake to Dubai-based ANC Holdings in an all-cash deal worth Rs 19 crore. ANC Holdings also plans to expand its shareholding in the steel company within a year, to improve its prospects.

At 12:17 pm, the stock was at Rs 5.60, up Rs 0.60 or 12 per cent on the BSE. It touched a high of Rs 6 and low of Rs 5.37 in trade so far.