3M India Ltd Indian Promoters sell stake

3M India Ltd has announced that the Board of Directors of the Company at its meeting held on June 18, 2007, has approved the following:

Indian Promoters of the Company, Shearson Investment & Trading Company Pvt Ltd and Godavari Corporation Pvt Ltd during the period May 07, 2007 to June 01, 2007 in separate transactions sold 6,98,037 (representing 6.20% of the paid up and issued equity share capital) equity shares of the Company in the open market. Consequent to this, Shearson Investment & Trading Company Pvt Ltd and Godavari Corporation Pvt Ltd ceased to be a Promoter of the Company. It was also noted that, though not as a Promoter of the Company, Shearson Investment & Trading Company Pvt Ltd and Godavari Corporation Pvt Ltd, together hold 1,12,863 (representing 1% of the paid up and issued equity share capital) equity shares of the Company as per their disclosures made to the Company.

Mr. Yashovardhan Birla, resigned as a Director and Chairman of the Board of Directors of the Company with effect from June 06, 2007 and in his place a Non-Executive Director Mr. Thomas P Spencer has been appointed as Chairman of the Board of Directors of the Company.

Ms. Mary B McCormick stepped down as Director of the Company effective June 18, 2007 and Mr. Richard L Becker assumed office as Director of the Company effective June 18, 2007 in the casual vacancy caused by the resignation of Ms. Mary B McCormick.

Source : Equity Bulls

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