Yash Birla Group acquires 14,20,000 shares of Birla Kennametal from Kennametal Inc

Birla Kennametal Ltd has announced that M/s. Shearson Trading & Investment Company Pvt Ltd, a Company of the Yash Birla Group has purchased 14,20,000 Equity shares from Kennametal Inc, USA whereby shareholding of the Yash Birla group in the Company now stands at 88.48%.

As a consequence to Kennametal Inc, off-loading its entire shareholding of the Company to Yash Birla group, the Joint Venture Agreement between Kennametal Inc. and Birla International Pvt Ltd., a Company of the Yash Birla group has also come to an end.

In view of the same, Mr. Kumar Kanetkar, the nominee Director of Kennametal Inc, has also resigned with effect from July 04, 2007.

The stock closed the day at Rs.362, down by Rs.19 or 4.99%. The stock hit an intraday high of Rs.367 and low of Rs.362. The total traded quantity was 2412 compared to 2 week average of 19454.

Source : Equity Bulls

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