The media had reports that Visa Steel Limited plans to sell stake to expand. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company.
Visa Steel Limited has vide its letter inter-alia stated, "The Company has not finalized plans or taken Board approval to sell new shares to fund expansion and cut debt. Further, the company has been evaluating fund raising options for expansion and to reduce its debts, among which diluting stake from 74% to 51% could be one of the several options, but no decision has been taken on such options."
Source:
http://www.steelguru.com/indian_news/Visa_Steel_clarification/295872.html
