Nile Ltd transfers Glass Lining Division to De Dietrich Process Systems India Private Limited

Date: 13 July 2011
Source: www.equitybulls.com

Date: 13 July 2011

The Board of Directors of Nile Ltd at its meeting held on July 09, 2011, had approved, subject to the approval of the shareholders and such other approvals as may be necessary, the transfer of the Company's "Glass Lined Equipment & Pressure Vessels Division" with all the assets and liabilities comprising thereof, to De Dietrich Process Systems India Private Limited as a "going concern" on a slump sale basis.

The approximate consideration for transfer of the above mentioned business division is Rs. 585 million, subject to suitable adjustments at the closing of the transaction.

Following this decision, the Company will focus on building its market position in its Lead Division and pursue further synergistic opportunities in related areas.

The Company proposes to obtain the consent of its shareholders by means of a Postal Ballot.

The stock was trading at Rs.189.50, up by Rs.17.20 or 9.98%. The stock hit an intraday high of Rs.189.50 and low of Rs.188.75.

The total traded quantity was 9349 compared to 2 week average of 920.
600450 Nile Ltd transfers Glass Lining Division to De Dietrich Process Systems India Private Limited glassonweb.com

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