Stovec Industries has received an approval for divestment of 100% equity investment held by the company in Atul (not a Material Subsidiary) to Veco B.V., a fellow subsidiary company, pursuant to a group restructuring exercise.
The divestment committee of board of directors of the company at its meeting held on March 7, 2018, approved the same. Taking into consideration the independent valuation report, the sale value of the investment is determined as Rs 10.4 crore.
Stovec Industries is an India-based company, which is engaged in the development and production of consumables for their use in textile and graphic printing industry.
