Monsanto India to transfer Sunflower Business to Devgen Seeds for US$3.91 Million

Monsanto India Ltd has announced that the Board of Directors of the Company at its meeting held on September 14, 2007 has decided to sell and transfer the business related to production and sale of Sunflower Seeds ("Sunflower Business") to Devgen Seeds and Crop Technology Pvt Ltd and / or Devgen N.V., Belgium at a total consideration in Indian Rupees equivalent to USD 3.91 million plus inventory at cost, on such terms & conditions and with effect from such dates and in such manner as the Board think fit and proper.

The stock was trading at Rs.1409.90, up by Rs.10.25 or 0.73%. The stock hit an intraday high of Rs.1420 and low of Rs.1398.95. The total traded quantity was 838 compared to 2 week average of 3370.

Source : Equity Bulls

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