Praj Ind promoter sells 8.01% stake to Tata

Praj Ind promoter sells 8.01% stake to Tata


Mumbai: Praj Industries Ltd said on Wednesday, 26 September, its promoter Pramod Chaudhari and his family sold 13.42 million shares, or 8.01% of the distillation equipment maker’s equity, to Tata Sons Ltd in a block deal.

Bombay Stock Exchange data showed there was a block deal of 13.46 million Praj shares at Rs251 each in early trade.

“The subject in which we are specialising is of subject of interest world wide," Chaudhari, the company’s chairman, told a television channel on the interest of investors in the company.

Praj appointed Kishor A. Chaukar, managing director of Tata Industries Ltd, on its board in June as an independent director.

“I think we are making our company very strong to tackle global challenges and opportunities," Chaudhari said.

Earlier this year, the board had approved a joint venture with Europe’s Aker Kvaerner Netherlands BV and said it expected its revenue to be Rs1,000 crore in 2007-08.

The company was also considering acquisition in Brazil.

Shares in the company were up 1.51% at Rs252 in the Mumbai market.