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NSE Announcements on Grasim (1) 08-Jul-08 10:43

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Posted by: MMB Messenger on ( 08-Jul-08 10:43 )
Price : [Grasim - BSE:Rs. 1677.30 NSE:Rs. 1676.00 when posted]
Grasim Industries Ltd. had informed the Exchange that the Board of Directors of the Company had approved the transfer/ sale of its Sponge Iron Manufacturing Unit "Vikram Ispat", situated at Village: Salav, District: Raigad, Maharashtra ("Business Undertaking"), to a subsidiary to be formed, by way of "Slump Sale" pursuant to a Scheme of Arrangement to be sanctioned by the Court under Sections 391-394 of the Companies Act, 1956. The Company has now informed the Exchange that the Company has incorporated a new subsidiary "Vikram Sponge Iron Limited" for the said transfer of the Business Undertaking by way of "Slump Sale".

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