Centum Electronics announces the divestment of the Energy division of its French subsidiary, Centum Adetel Group

Centum Electronics Limited has announced the divestment of the Energy division of its subsidiary in France Centum Adetel Group (CAG) for a total consideration of Euro 9.8 million to Chauntie Electric (Tianjin) Co., Ltd.

65% of the above amount, Euro 6.37 million has been received by the French subsidiary and the remaining 35% will be received after a transition period of 2 years.

CAG is a subsidiary of Centum Electronics Limited with operations in France, Belgium and Canada. CAG is in the business of delivering Engineering services and product solutions to customers in Defence & Aerospace, Medical, Automotive, Industrial and Transportation segments. The Energy division of Centum Adetel Group delivers Energy Conversion and Storage systems to international train manufacturers.

Chauntie Electric (Tianjin) Co., a corporation incorporated under the Laws of People's Republic of China is engaged in the business of Transportation and Railway products.

Shares of CENTUM ELECTRONICS LTD. was last trading in BSE at Rs.350 as compared to the previous close of Rs. 349.5. The total number of shares traded during the day was 773 in over 107 trades.

The stock hit an intraday high of Rs. 357.95 and intraday low of 348. The net turnover during the day was Rs. 272617.

Source : Equity Bulls

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