INEOS ABS (Jersey) Ltd to acquire promoters stake in Lanxess ABS Ltd

Lanxess ABS Ltd has announced that Lanxess India Pvt Ltd, Mr. Rakesh Agrawal, Mrs. Uma Agrawal, Mr. Rahul Agrawal, Mr. Vishal Agrawal, Geetganga Investments Pvt Ltd and Tash Investments Pvt Ltd, the promoters of the Company, have entered into an agreement on June 28, 2007 to sell their shares in the Company to INEOS ABS (Jersey) Ltd, a Company controlled by the British chemical group INEOS. The parties expect the transaction to be completed at the end of September 2007.

The stock was trading at Rs.205, up by Rs.12.85 or 6.69%. The stock hit an intraday high of Rs.211.35 and low of Rs.194.10. The total traded quantity was 624895 compared to 2 week average of 20712.

Source : Equity Bulls

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