Petron Engg gets board's nod to sell division

MUMBAI: City-based Petron Engineering Construction Ltd has received approval from its board for the sale and transfer of the company's resort division, Petron Resorts.

The company informed the Bombay Stock Exchange that the board approved an enabling resolution for selling and transfering Petron Resorts, subject to shareholders approval.

The board also approved a proposal to increase the borrowing limit to Rs 200 crore from the existing Rs 50 crore, Petron Engineering Construction said.

Shares of the company were trading at Rs 150.60 on the BSE on Thursday, down 4.98 per cent.