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Shares of Steel Strips Wheels Ltd. gained over 5 percent in intra-day trade on Friday after the company announced that it has prepaid Rs 81.26 crore of its long-term debt.

After this prepayment, along with normal repayments for the period, the company’s long-term debt has reduced to Rs 270.20 crore from Rs 374.39 crore as on March 31, 2022.

The company said that it was working to further pre-pay its long-term loans in the next quarter to remain on course with its target of achieving financial leverage of sub 1.5 times total debt.

Steel Strips Wheels, a leading manufacturer of automotive wheel rims, was in the news last week when it announced the acquisition of a 26 percent stake in Clean Max Astria Pvt. Ltd.

The company had said, “Steel Strips Wheels Ltd. has acquired 2,600 shares of Rs 10 each (26 percent stake of paid-up share capital) in Clean Max Astria Pvt. Ltd. for a consideration of Rs 26,000.”

It will further invest, in one or more tranches, about Rs 3.96 crore in Clean Max Astria for maintaining its shareholding to 26 percent of the paid-up share capital as per the shareholder’s agreement.

The acquisition was done for establishing and developing wind and solar hybrid power generation facilities in Gujarat, having wind turbine generators of 3.3 l4VA capacity and a solar capacity of 2.64 MWp (DC) by entering into an energy supply agreement and shareholders agreement.

Shares of Steel Strips Wheels Ltd. ended 2.51 percent higher at Rs 159 on Friday.

(Edited by : Rukmani Krishna)