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[Ferro-alloys.com]Visa Steel, player in steel, coke and ferro chrome industry in India, surged on Thursday after its board of directors has approved the restructuring of ferro chrome business with the merger of subsidiary company VISA BAO.

 

The proposal is subject to the approval of the respective board of directors, shareholders, lenders, Orissa High Court and other regulatory authorities as may be required.

Shares of the company are trading at Rs 20.85, up Rs 1, or 5.04% at the Bombay Stock Exchange (BSE) on Thursday at 11:15 a.m.

The scrip has touched an intra-day high of Rs 20.90 and low of Rs 19.95. The total volume of shares traded at the BSE is 301.

In the earlier session, the shares declined 2.7%, or Rs 0.55, at Rs 19.85. Currently, the stock is trading down 62.9% from its 52-week high of Rs 56.20 and above 14.88% over the 52-week low of Rs 18.15.