Vardhman Special Steels raises Rs.385-Cr more from Japanese steel maker Aichi

Punjab-based, publicly listed Vardhman Special Steels has raised INR 384.90 crore from Japan-based Aichi Steel Corporation through an issue of 14,770,100 equity shares at INR 260.60 per share.Through this investment, Aichi will increase its stake from 11.33% to 24.90% in the company. It will also provide technical support to Vardhman’s upcoming manufacturing plant with a capacity of 5,00,000 TPA and estimated capex of INR 2,000 crore.Founded in 1973, Vardhman Steels supplies special and alloy steels to engineering, automotive, tractor, bearing and allied industries.