Shares of Kalyani Steel continued to make gains for the third straight session on Thursday going up over 11% to hit a new 52-week high of ₹579.

What Happened: Kalyani Steels Ltd announced on Wednesday that it has successfully secured the bid to acquire assets from Kamineni Steel and Power India, which is currently under liquidation. The acquisition involves a cash consideration of ₹450 crore, and the payment is expected to be completed on or before April 7, 2024, as per the details provided in a regulatory filing by Kalyani Steels.

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In preparation for the acquisition, the company has already paid ₹23 crore as an earnest money deposit. This deposit was made for the company’s participation in an e-auction held on January 5, where the assets of Kamineni Steel & Power India Private Limited were up for sale. The assets include land and buildings, as well as plant and machinery.

Kalyani Steels, a part of the Kalyani Group, is a leading manufacturer of forging and engineering quality carbon and alloy steels.

Price Action: Kalyani Steel’s share price was up 8.93% to trade at ₹566.15 on Thursday morning.

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