Titan Industries to Restructure Domestic Associate Companies

Titan Industries Ltd has announced that the Board of Directors of the Company based on the valuation of the 3 tranferor Companies viz,, Samrat Holdings Ltd, Questar Investments Ltd and Titan Holdings Ltd and the Transferee Company, Titan Industries Ltd, approved the buy-out of the minority interests in the 3 Transferor Companies in lieu of issue of shares of Titan Industries Ltd, involving an outlay of about Rs 13 crores and an additional outlay of about Rs 4.50 crores to other Associate Companies of Titan Industries Ltd holding shares in the transferor Companies, which Associate Companies would consequently become 100% subsidiaries of Titan Industries Ltd. The scheme of merger was approved with the foregoing modifications and further subject to required consents and approvals including approvals from regulatory authorities / courts of relevant jurisdictions.

The stock closed on Friday at Rs.1126.60, down by Rs.64.75 or 5.44%. The total traded quantity was 156263 compared to 2 week average of 99021. The stock hit an intraday high of Rs.1189 and low of Rs.1117.10.

Source : Equity Bulls

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