Grasim sells off its Century Enka LTD stake for Rs 47cr
01 Jul '05
1 min read
Grasim Industries unveiled that it has sold out its entire stake of 7.39 percent in a JV company of the leading Dutch company Acordis and the B K Birla group Century Enka Ltd to Group Company to TGS Investment &, Trade and Rajashree Birla for Rs 47 crore.
Grasim has sold its shares at Rs 221 a share against a market price of Rs 212.80.
Grasim has sold its 7.38 per cent stake, comprising 21,14,970 shares, of Century Enka to TGS Investment. A minuscule 0.01 per cent (2200 shares) of Century Enka has been sold to Rajashree Birla.
Century Enka operates three plants at Century Enka at Pune, Konkan Synthetic Fibres at Mahad in Maharashtra and Rajashree Polyfil at Bharuch in Gujarat. It manufactures nylon and polyester filament yarns, speciality yarns, industrial yarns and tyre cord fabrics.
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