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Last Updated : Aug 14, 2019 12:33 PM IST | Source: Moneycontrol.com

Linde India surges 7% after board approves sale of divestment biz

The company has entered into a binding term sheet on August 13, 2019 with Air Water India and with Air Water Inc.

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Shares of Linde India surged 7 percent intraday on August 14 after the board approved the sale of its South region divestment business.

It comprised the business of producing, distributing and selling various industrial gases, viz. oxygen, nitrogen and argon from the company's 1800 tons per day onsite air separation plant located at Bellary, Karnataka and the company's cylinder filling stations located at Hyderabad and Chennai.

It also include surplus land in Chennai and Hyderabad PGP sites and a decommissioned Air separation unit at Hyderabad site, all on a slump-sale and as is where is basis to Air Water India .

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The aggregate sale consideration is Rs 1,380 crore.

The company had entered into a binding term sheet on August 13 with Air Water India and with Air Water Inc.

It is taking necessary action to seek the approval of the CCI and the shareholders in connection therewith.

At 1215 hrs, Linde India was quoting at Rs 514.75, up Rs 30.25, or 6.24 percent on the BSE.

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First Published on Aug 14, 2019 12:33 pm
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