Macmillan India to acquire "Frank Bros"

Macmillan India Ltd has announced that the Board of Directors of the Company at its meeting held on August 21, 2007, has approved in principle the acquisition of majority shareholders of Frank Bros and Company Publishers Ltd subject to necessary legal and financial due diligence and definitive agreements being entered into in form and content satisfactory to the parties.

Frank Brothers is a renowned publishing Company with 70 years of presence, a strong banking and a loyal customer base.

The stock closed the day at Rs.255.20, down by Rs.2.75 or 1.07%. The stock hit an intraday high of Rs.277.95 and low of Rs.255. The total traded quantity was 1926 compared to 2 week average of 1413.

Source : Equity Bulls

Keywords