The expected date of completion of sale / disposal is on or before September 30, 2019.
Shares of TRF gained 2.5 percent intraday on July 26 after the company approved the proposal for divestment of its entire stake in its step down subsidiary.
The board of directors and shareholders of TRF Singapore Pte (TRFS), a wholly-owned subsidiary of TRF, approved the sale/ divestment of the entire shareholding in step down subsidiary Hewitt Robins International Holdings (HRIHL), along with its 100 percent operating subsidiary Hewitt Robins International (HRIL), the company said in its BSE release.
The divestment is subject to approval of shareholders of TRF.
The directors of TRF have accepted the proposal for divestment of the entire stake in HRIHL (including HRIL), in the capacity of the shareholder, subject to requisite approval of the shareholders of TRF, requisite authorities and other stakeholders as may be required.
The expected date of completion of sale / disposal is on or before September 30, 2019 or such subsequent date upon receipt of required approvals. it added.
At 1008 hrs, TRF was quoting at Rs 101.55, up 2.47 percent on the BSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.