Jindal Tubular USA, step down subsidiary of Jindal Saw had entered into an asset purchase agreement with PSL-North America LLC for the acquisition of identified assets and liabilities of PSL-North America.

The United States Bankruptcy Court for the District of Delaware has passed an order on August 15 authorizing and approving the sale of substantially all of PSL-North America LLC's assets to Jindal Tubular USA LLC in accordance with the terms of the asset purchase agreement, free and clear of all liens, claims, encumbrances and other interests; approving the assumption and assignment of contracts; approving entering into ancillary agreements and granting related relief, the company said.

The acquisition was subject to the outcome of a voluntary petition for relief filed by PSL-North America in the United States Bankruptcy Court for the District of Delaware, including counter bids made by various other bidders and possible objections raised by lenders and creditor of PSL-North America.

The acquisition is now expected to be completed on or prior to Aug. 31, 2014, the company added.

Shares of the company gained Rs 1.45, or 1.81%, to settle at Rs 81.55. The total volume of shares traded was 400,675 at the BSE (Wednesday).