Avery India promoters sell stake in company

Avery India Ltd has announced that the Company has received a letter dated September 25, 2008 from ITW Global Investments Inc, stating that the shareholders of A V Co 1 Ltd, the parent promoter of Avery Weigh-Tronix International Ltd and AV Acquisition Co 3 Ltd, the promoter Companies of Avery India Ltd ("the Company"), holding approximately 58.28% of paid up capital of the Company had entered into an Agreement with "ITW Global Investments Inc" and others ("Purchaser") relating to the sale of all the capital stock and other options and equity interests of any kind in A V Co 1 to the Purchaser on August 26, 2008.

The closing of the above transaction was subject to certain conditions precedents which have been completed on September 25, 2008. Accordingly, the above acquisition has been consummated as on that date.

Pursuant to the above acquisition, there has been a change in control of A V Co 1 Ltd, resulting into an indirect acquisition of the Company by the Purchaser.

Accordingly, the Purchaser will make an pubic announcement and an open offer to public shareholders as per SEBI (Acquisition of Shares & Takeovers) Regulations, 1997.

The stock was trading at Rs.64, up by Rs.1.95 or 3.14%. The stock hit an intraday high of Rs.72 and low of Rs.62.25.

The total traded quantity was 65509 compared to 2 week average of 6064.

Source : Equity Bulls

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