Mawana Sugars sell its stake in subsidary MFL for Rs 26.12 cr
Mawana Sugars today said that it has sold entire stake in its subsidiary Mawana Foods Ltd (MFL) to group firm Usha International Ltd for Rs 26.12 crore.
By PTI |
NEW DELHI: Mawana Sugars today said that it has sold entire stake in its subsidiary Mawana Foods Ltd (MFL) to group firm Usha International Ltd for Rs 26.12 crore.
"The company has sold its entire investment of 31,29,994 equity shares of Rs 10 each fully paid up," Mawana Sugars said in a filing to the BSE.
The company has 65.03 per cent of the paid up capital held by it in MFL, it added.
Yesterday, the promoter group of Mawana Sugars had executed an inter-se share transfer which saw Chairman Siddharth Shriram buying nearly 2.6 crore scrips for about Rs 26 crore from group firm Usha International.
With this transaction, the chairman had increased his stake to 66.48 per cent from 0.06 per cent. On the other hand, Usha International's stake has fallen to 2.56 per cent from 68.97 per cent earlier.
"The company has sold its entire investment of 31,29,994 equity shares of Rs 10 each fully paid up," Mawana Sugars said in a filing to the BSE.
The company has 65.03 per cent of the paid up capital held by it in MFL, it added.
Yesterday, the promoter group of Mawana Sugars had executed an inter-se share transfer which saw Chairman Siddharth Shriram buying nearly 2.6 crore scrips for about Rs 26 crore from group firm Usha International.
With this transaction, the chairman had increased his stake to 66.48 per cent from 0.06 per cent. On the other hand, Usha International's stake has fallen to 2.56 per cent from 68.97 per cent earlier.
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