Visa Industries Takes Control of VISA Chrome with 62.40% Stake

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AuthorIshaan Verma|Published at:
Visa Industries Takes Control of VISA Chrome with 62.40% Stake
Overview

Visa Industries has significantly increased its stake in VISA Chrome Limited, now holding 62.40% of voting capital following a National Company Law Tribunal (NCLT) order. This consolidation of control over the ferro-alloy and steel entity follows its past financial restructuring under the Insolvency and Bankruptcy Code (IBC).

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Visa Industries Boosts Stake in VISA Chrome

Visa Industries has increased its stake in VISA Chrome Limited to 62.40%, acquiring an additional 44,387,167 shares. This move follows an order from the National Company Law Tribunal (NCLT) and gives Visa Industries control over 90,977,167 shares.

Background

Visa Steel Limited, formerly known as VISA Chrome Limited, faced financial difficulties and entered the Corporate Insolvency Resolution Process (CIRP) in July 2019 due to debt. A resolution plan, approved by the NCLT in June 2021 and submitted by Vishal Group entities including Visa Industries, helped revive the company.

What This Means

This consolidation solidifies Visa Industries' majority control over VISA Chrome, a key ferro-alloy and steel producer. The group structure is now more streamlined, with Visa Industries likely to have a more direct influence on VISA Chrome's strategic direction.

Risks to Monitor

The full implementation of this transaction depends on the NCLT's final sanction of the Scheme of Arrangement. Any challenges to this order could impact the consolidated shareholding structure, highlighting regulatory dependence.

Industry Context

VISA Chrome operates in India's ferro-alloy sector, competing with major players like Maithan Alloys Ltd, the country's largest ferro-alloy producer, and integrated steel companies such as Jindal Stainless Ltd.

Key Financials

Following the acquisition, the total equity share capital of VISA Chrome Limited stands at Rs. 1,45,78,95,000.

What's Next

Investors will monitor further announcements regarding the complete implementation of the NCLT-sanctioned Scheme of Arrangement. Key points to watch include subsequent filings on shareholding changes and any official disclosures detailing the NCLT order's impact on group operations.

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