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Last Updated : Jul 26, 2019 10:33 AM IST | Source: Moneycontrol.com

TRF gains 2% on plans to sell stake in step down subsidiary

The expected date of completion of sale / disposal is on or before September 30, 2019.

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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.

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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.

TRF

At 1008 hrs, TRF was quoting at Rs 101.55, up 2.47 percent on the BSE.

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First Published on Jul 26, 2019 10:33 am
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