Texmaco Rail & Engineering Ltd to sell Rail EPC business to subsidiaries

The Board of Directors ('Board') of Texmaco Rail & Engineering Limited at its Meeting held today has, approved, subject to the approval of the shareholders, Company's lenders and such other necessary statutory / regulatory approvals, to transfer, assign, restructure or convey the whole or substantially the whole of Rail EPC business comprising of Kalindee Rail and Bright Power units i.e. two business undertakings of the Company, by way of slump sale.

The consideration to be received from such transfer has not yet been determined. Nevertheless, the two respective units of Rail EPC Business shall be transferred at a value not lower than their net book values into two wholly owned subsidiaries of the Company.

Shares of Texmaco Rail & Engineering Limited was last trading in BSE at Rs. 42.93 as compared to the previous close of Rs. 43.24. The total number of shares traded during the day was 280883 in over 1088 trades.

The stock hit an intraday high of Rs. 43.40 and intraday low of 42.20. The net turnover during the day was Rs. 11962877.00.

Source : Equity Bulls

Keywords

TexmacoRailandEngineering INE621L01012 SlumpSale KalindeeRail BrightPower RailEPCBusiness