Usha Martin gains 6% as Tata Sponge completes acquisition

Shares of Usha Martin and Tata Sponge Iron rose 5-6 percent intraday Wednesday as later one completed the acquisition of steel business undertaking of Usha Martin. Tata Sponge completed the acquisition of steel business undertaking including captive power plants pursuant to a cash consideration payable to Usha Martin of Rs 4,094 crore, which is subject to further hold backs of Rs 640 crore, pending transfer of some of the assets including mines and certain land parcels, as per BSE. The board meeting of Tata Sponge Iron to be held on April 18, 2019, to consider and approve the audited financial results (Standalone and Consolidated) for quarter / year ending March 31, 2019. Further, to recommend dividend, if any, for the financial year ended March 31, 2019.