Nelco board approved the sale of the company’s entire stake of 12.3% in Nelito Systems to Japan’s DTS Corporation for Rs6.77cr. The announcement was made after market hours on Wednesday.
“The board of directors of Nelco at its meeting has granted in principle approval for a sale of company's entire investment of 2.53 lakh equity shares (representing 12.30% of equity share capital) of Nelito Systems Ltd at a consideration of Rs6.77cr to DTS Corporation, Japan,” the company said in the BSE filing.
“Effective from the closing date, the nominee Director of Nelco Ltd. on the Board of Directors of Nelito Systems Ltd. shall resign from Directorship. Other terms and conditions of the Agreement are under negotiations and not yet finalised,” the company said in the filing.
NELCO Ltd ended at Rs285 up by Rs5.35 or 1.91% from its previous closing of Rs279.65 on the BSE. The scrip opened at Rs285 and touched a high and low of Rs285 and Rs285 respectively. A total of 1,258 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs638.16cr.
No comments