NRB Bearings Limited updates on sale of stake in subsidiaries

The Board of Directors of NRB Bearings Limited at its meeting held today, i.e., on Monday, October 25, 2021, has considered and approved the execution of a share purchase agreement with NRB Holdings Limited (NRB Holdings), a wholly owned subsidiary of the Company, incorporated in Dubai International Finance Centre, Dubai, United Arab Emirates for disinvestment of its 100% shareholding in its wholly owned subsidiary, NRB Bearings Europe GmbH, to NRB Holdings at an aggregate consideration of not less than Rs 1,32,00,000/- (Rupees One crore thirty two lakhs only).

The board also approved execution of a share purchase agreement with NRB Holdings for disinvestment of its 100% shareholding in its wholly owned subsidiary, NRB Bearings USA Inc., to NRB Holdings at an aggregate consideration of not less than Rs. 96,60,000/- (Rupees Ninety-Six Lakhs Sixty Thousand only).

Further, subsequent to the execution of the share purchase agreements, both NRB Bearings Europe GmbH and NRB Bearings USA Inc. would cease to be a wholly owned subsidiary of the Company and would be step-down subsidiaries of the Company.

Shares of NRB Bearing Limited was last trading in BSE at Rs. 136.95 as compared to the previous close of Rs. 137.05. The total number of shares traded during the day was 10605 in over 615 trades.

The stock hit an intraday high of Rs. 139.55 and intraday low of 135.40. The net turnover during the day was Rs. 1459277.00.

Source : Equity Bulls

Keywords

NRBBearing INE349A01021 IndustrialMachinery StakeSale Subsidiaries