Mahindra Ugine Steel Company shares was seen trading higher by 9.22% at Rs 53.30 on BSE at 11.34 am IST. It touched an intraday high of Rs 58.50 and an intraday low of Rs 52.40.
Sanyo and Mitsui have picked up 29% and 20% stake each in a three-way joint venture with Mahindra group company, MUSCO. Sanyo has invested Rs 129 crore and Mitsui Rs 89 crore in the JV while Mahindrawill retain 51% stake.
Means, Mitsui and Sanyo have bought 49% in Mahindra Ugine's steel business for Rs 218 crore.
Pursuant to investment by Sanyo and Mitsui, it is propsed to change name to Mahindra Sanyo Special Steel Pvt Ltd.