Grindwell Norton Updates on stake sale in LHIL for Rs.100 Crores

With reference to the earlier announcement dated April 26, 2007 wherein the Company had informed that it had entered into a non-binding agreement on April 26, 2007 to sell its entire shareholding in its Joint Venture Company, M/s. Lincoln Hellos India Ltd (LHIL), Grindwell Norton Ltd has announced that the Company has entered into a definitive Share Purchase Agreement dated August 23, 2007, to sell its entire shareholding in LHIL to its JV partner, M/s Lincoln GmbH, for a total consideration of Rs 100 Crore.

The stock closed the day at Rs.142.80, down by Rs.5.90 or 3.97%. The stock hit an intraday high of Rs.154.65 and low of Rs.141.05. The total traded quantity was 54061 compared to 2 week average of 51114.

Source : Equity Bulls

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