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nishaant
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 Posted: Fri Feb 23, 2007 10:19 am Post subject: Bihar Alloys |
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I had bought 500o shares of Bihar Alloys It seems that this
company name was changed Can u please tell what
I can do something about these shares now.. |
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Ideas
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Joined: 05 Feb 2007
Posts: 80
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| Posted: Fri Feb 23, 2007 10:31 am Post subject: Re: Bihar Alloys |
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| nishaant wrote: |
I had bought 500o shares of Bihar Alloys It seems that this
company name was changed Can u please tell what
I can do something about these shares now.. |
Yes Nishant the company has changed its name to UMI SPECIAL STEEL LTD the company was Closed down in 1998,after Labour Unrest.Belonged to the Usha Martin Group
As per our research we found out the following update about the Company
ET has reported that Jindal Steel and Power Limited’s won the race to acquire the assets of Bihar Alloy Steel Limited in Jharkhand under an auction process by bidding Rs 108.9 crore and has deposited Rs 32.67 crore as the 1st installment, out of 3, in the state High Court.
Mr Vikrant Gujral VC and CEO of JSPL told ET “We have emerged as the highest bidder for BASL and are in the process of conducting a detailed due diligence to identify issues that need to be addressed before we make an assessment on growing the company. But we see a lot of potential in it. “We would be investing in new technology to make BASL viable. The product mix from BASL is being worked out and depending on it JSPL will arrive at an investment plan.”
BASL was closed for nearly a decade and has several assets including large area of land. The race had attracted a number of mid sized steel companies and equipment suppliers.
We are of the opinion that you will not loose your money and get it back when the company has completed the process of aquisition and gets listed again |
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