Steel Strips plans stake dilution above Rs 595/share; stock surges

MUMBAI: Shares of Steel Strips Wheels surged higher after the management announced that it plans to sell stake to strategic investors. The company is planning to raise 16 million via stake sale. The strategic investor would have to pay above Rs 595/share for stake buy.

The scrip was at Rs 300, up 11.79 per cent on the NSE. It touched a high of Rs 309.80 and low of Rs 268.35 in trade so far.