AV Birla group firms sell stake in Indo Gulf

By SiliconIndia   |   Tuesday, 19 August 2003, 07:00 Hrs
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AV Birla group firms -- Grasim Industries and Indian Rayon -- on Tuesday announced that they have sold off their entire holdings in Indo-Gulf Fertilisers Ltd (IGFL) through open market transactions.

NEW DELHI: Grasim divested 55,28,289 equity shares of Indo Gulf, representing its entire 12.26 per cent stake held in IGFL for an aggregate value of Rs 41.46 crore. This represents a value of Rs 75 per share.

Meanwhile, Indian Rayon and Industries sold 39,15,871 equity shares represnting its entire 8.68 per cent stake in IGFL for an aggregate value of Rs 29.36 crore also at Rs 75 per share.

With this divestment, both Grasim and Indian Rayon now do not hold any stake in IGFL.

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