Banco Products (India) has received an approval for sale of its 3,721 equity shares, its total stake in Lake Cement at a consideration of $0.38 million amounting approximately Rs 2.2 crore. The board of director at its meeting held on May 08, 2014 has approved for the same.
The board also noted that its subsidiaries - Lake Minerals (Mauritius) and Nederlandse Radiateuren Fabriek BV have also considered and approved in their respective board meeting the sale of 174,875 equity shares their combined total stake in Lake Cement at a consideration of $17.3 million.
The above mentioned sale of investment is subject to necessary approval from regulatory authorities, financial institutions and such other statutory approvals if any, as applicable in respective countries.
