(MENAFN) India's Visa Steel Ltd. unveiled plans to sell new shares to fund a USD310 million expansion and repay debt, as it seeks to turn around after six straight quarters of losses, Bloomberg reported.
Chairman Vishambhar Saran said the sale will reduce the founders' holding to 51 percent from 74 percent.
Visa was forced to close its steel plant in the eastern state of Odisha early this year because of an iron ore shortage, which Saran says it is the main reason for the company's losses.
He also said that Visa is hoping that the local government will lift curbs and resume supplies of the raw material by January.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.