Usha Martin shareholders approve sale of steel business to Tata Steel

Shareholders of Usha Martin have approved the sale of the company's steel business to Tata Steel as a going concern on a slump sale basis. A special resolution in this regard was passed with requisite majority at Usha Martin Limited's extraordinary general meeting, with 99.99 per cent shareholders voting in its favour, the company informed the exchanges in a regulatory filing late night yesterday. "The resolution proposed herein above has been passed with requisite majority," Usha Martin said. Tata Steel had earlier said it has executed definitive agreements for the acquisition of UML's steel business for Rs 4,300-4,700 crore through a slump sale on a going concern basis. According to Usha Martin Limited (UML), the sale of its steel business to Tata Steel will help the company significantly reduce its debt.