Maxwell Industries clarifies on news item on promoters stake sale

With reference to the news item appearing in a leading financial daily titled, "Reddy family likely to exit Maxwell", Maxwell Industries Ltd has clarified about the following:

"- On Promoter exit and new investor:

Various venture capitalist including, the one mentioned, have been talking to the promoter group. At the moment the Company does not have any information about a deal having been concluded with any venture capitalist.

- On business growth and strategies

As a part of normal business growth and strategies various / negotiation do take place and these will be announced when ever they conclude

- Amalgamation with Lovable Lingerie, and Microtex 1ndia

The amalgamation of Lovable Lingerie and Microtex India with the Company are pending before the Honorable High Court of Bombay and the turnover figure of Rs 300 Crs referred to in the news appears to be a projected turnover on consolidated basis of all 3 Companies. Since the final accounts are under compilation we cannot comment on the figures."

The stock closed the day at Rs.49.05, down by Rs.2.55 or 4.94%. The stock hit an intraday high of Rs.49.95 and low of Rs.49.05. The total traded quantity was 127773 shares compared to 2 week average of 376032.

Source : Equity Bulls

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