Tubacex, S.A. (BME:TUB) agreed to acquire remaining 32.47% stake in Tubacex Prakash India Private Limited from Prakash Steelage Limited (NSEI:PRAKASHSTL) for approximately INR 500 million on March 6, 2021. The transaction is approved by board of directors of Prakash Steelage Limited. The sale proceed is to be utilized by the Board for meeting part its obligation to its bankers under the One Time Settlement (OTS) sanctioned by them. As per announcement made on March 10, 2021, the transaction is approved by Board of Directors of Prakash Steelage and also approved draft share purchase agreement. Justin Bharucha of Bharucha & Partners acted as legal adviser and Cyril Amarchand Mangaldas acted as legal adviser for Tubacex, S.A.