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Last Updated : Apr 08, 2016 03:28 PM IST | Source: Moneycontrol.com

Simplex Projects surges 20% on sale of investment in subsidiary

""For better management of Simpark Infrastructure (subsidiary) and to generate funds for the company, it is necessary to dispose of some investments held by the company in wholly-owned subsidiary," said Kolkata-based infrastructure company.

 
 
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Moneycontrol Bureau


Simplex Projects shares are locked in 20 percent upper circuit at Rs 28.85 on Friday after selling 51 percent stake in its subsidiary. There were pending buy orders of 25,775 shares, with no sellers available, at 15:11 hours IST.

Simplex Projects' board of directors, on March 28, decided to sell its investment in wholly-owned subsidiary. Accordingly, 16,31,400 shares (51.21 percent) have been sold on March 31.


"For better management of Simpark Infrastructure (subsidiary) and to generate funds for the company, it is necessary to dispose of some investments held by the company in wholly-owned subsidiary," said Kolkata-based infrastructure company.

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Financial details of transaction have not disclosed by the company.

"Earlier board had resolved that investment up to 75 percent only in Simpark Infrastructure be sold and sale proceeds be utilised for business purposes," said the company.

Approval of shareholders is not required for such sale as subsidiary is not a material subsidiary as per SEBI regulations, it added.

Posted by Sunil Shankar Matkar

First Published on Apr 8, 2016 03:27 pm
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