Birla VXL updates on settlement with ARCIL

With reference to the earlier announcement dated October 03, 2006, Birla VXL Ltd has announced that, the Agreement for Sale dated September 29, 2006 between the Company, Asset Reconstruction Company (India) Ltd, W.L. Ross & Co. LLC, USA and OCM India Ltd (OIL), a wholly owned Subsidiary of the Company as Confirming party for Sale of 1,33,16,363 Equity Shares of Rs 10/- each held by the Company in OIL to W.L. Ross & Co. LLC, USA becoming effective from February 22, 2007, OCM India Ltd has ceased to be a subsidiary of the Company effective February 22, 2007.

Source : Equity Bulls

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