Rane Madras Limited to divest Rane Light Metal Casting Inc., USA

The Board of Directors of Rane (Madras) Limited at the meeting held today, after carefully reviewing operational and financial performance of M/s. Rane Light Metal Casting Inc., USA (LMCA), a wholly owned step-down subsidiary of the Company acquired in the year 2016, has decided to explore options for divestment / disposal of LMCA and seek prior approval of the shareholders for the same through postal ballot.

LMCA, a material subsidiary of the Company under SEBI LODR, is engaged in the business of manufacturing high pressure aluminium die casting for automotive and non-automotive applications.

Shares of Rane (Madras) Limited was last trading in BSE at Rs. 486.50 as compared to the previous close of Rs. 475.50. The total number of shares traded during the day was 6586 in over 745 trades.

The stock hit an intraday high of Rs. 495.00 and intraday low of 473.10. The net turnover during the day was Rs. 3215268.00.

Source : Equity Bulls

Keywords

RaneMadras INE050H01012 Divestment Disposal RaneLightMetalCastingInc