Varroc Engineering share price touched a 52 week high of Rs 494.60 and locked in 20 percent upper circuit on April 29 after the company decided to divest its four-wheeler lighting business in Americas and Europe for 600 million euros.
There were pending buy orders of 325,879 shares, with no sellers available.
"Varroc, along with its wholly-owned subsidiary VarrocCorp Holding BV Netherlands, have entered into an agreement with Compagnie Plastic Omnium Se, France for the divestment," the company said in its release.
Catch all the market action on our live blogVarroc will also continue to operate its China joint venture and other international two-wheeler businesses in countries like Italy and Vietnam and global electronics businesses in Poland and Romania. The company is also retaining its four-wheeler lighting operations in Asia.
The board also gave its in-principle approval for the formation of a wholly owned subsidiary in India for pursuing R&D.
At 09:21 hrs Varroc was quoting at Rs 494.60, up Rs 82.40 or 19.99 percent.
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