Man Industries (India) Ltd to divest stake in subsidiary

With a view to concentrate on its core business and to monetize non-core assets, the Board of Directors of Man Industries (India) Ltd, have at their meeting held on 31st March 2021, discussed the divestment upto 100% of equity investment held by the Company in 'Merino Shelters Private Limited' ("Merino"). The proceeds will be utilized in capex plan of the Company for enhancing the product range and entry into value added segments.

The valuation reports obtained from two well-known independent valuers were placed before the Board and the sale value of the investment shall be on the basis of their valuation report. The Company has received Letters of Intent (LOI) from the prospective investors and the Board has in-principally approved the divestment upto 100% equity investment held by the Company in "Merino" subject to necessary approval(s), if any, required from concerned authorities including but not limited to the Company's Banker(s)/Financial Institution( s).

The Board has constituted a Committee of Directors to discuss and finalize the divestment with the prospective investors.

Shares of MAN INDUSTRIES (INDIA) LTD. was last trading in BSE at Rs.77.65 as compared to the previous close of Rs. 76.9. The total number of shares traded during the day was 7097 in over 87 trades.

The stock hit an intraday high of Rs. 79.05 and intraday low of 77.4. The net turnover during the day was Rs. 554399.

Source : Equity Bulls

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