Vardhman Special Steels raises Rs.385-Cr more from Japanese steel maker Aichi
Business Standard BSE Announcement Vardhman Steels
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.
For FY24, Vardhman had reported about INR 1,661.36 Cr in Operating Income and about INR 91.63Cr in PAT.
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