ABB India Ltd completes divestment of Mechanical Power Transmission division

The Board of Directors of ABB India Ltd had approved the proposal to divest / sell the Company's mechanical power transmission division ('DodgeBusiness') as a going concern on a slump sale basis to RBC Bearings Incorporated and/or its affiliates/subsidiaries.

The Company, as on December 1, 2021, completed the sale of the Dodge Business to Dodge Industrial India Private Limited, an affiliate of RBC Bearings Incorporated ("Dodge India").

The consideration received is Rs.44,58,00,000 (Indian Rupees Forty-Four Crores and Fifty-Eight Lakh only).

Shares of ABB India Limited was last trading in BSE at Rs. 2113.25 as compared to the previous close of Rs. 2019.75. The total number of shares traded during the day was 12351 in over 1739 trades.

The stock hit an intraday high of Rs. 2130.00 and intraday low of 2020.05. The net turnover during the day was Rs. 25700937.00.

Source : Equity Bulls

Keywords

ABBIndiaLimited INE117A01022 StakeSale DodgeBusiness SlumpSale MechanicalPowerTransmissionDivision