M and B Switchgears has received its board approval to dispose of all the holding in its wholly owned subsidiary through sale / transfer of shares at the fair value as the subsidiary is recently formed and business is not yet started. The company’s board gave the approval for the same at the meeting held on March 01, 2012.
The company is engaged in manufacturing of power transformers, distribution transformers, furnace transformers and special purpose transformers. The company proposes to use the net proceeds of the issue to part-finance its project of setting up a new grid connected 4 MWp solar photovoltaic power plant at Gagorni in Rajgarh district of Madhya Pradesh.
