Tata Steel, one of the leading steel makers in the world, announced that it has divested its entire stake in Lanka Special Steels (LSSL) to E.B. Creasy & Company (EBCC) for a total consideration of LKR 433 million (around Rs 204 million) in an all cash deal.

LSSL was a wholly owned subsidiary of Tata Steel incorporated in Sri Lanka. It is engaged in the business of manufacturing and supplying hot dip galvanized wire and nail wire with an installed capacity of 14,400 metric tonnes per annum. It had an annual turnover of LKR 1,569 million (Rs 740 million) in fiscal year ended March 2014.

Shares of the company gained Rs 1.85, or 0.58%, to trade at Rs 318.70. The total volume of shares traded was 107,883 at the BSE (10.13 a.m., Wednesday).