Gujarat Apollo to divest 49% in Johnson screens for Rs26 cr

Gujarat Apollo to divest 49% in Johnson screens for Rs26 cr

PTI

Mumbai: Construction equipment maker Gujarat Apollo Industries today said it will sell 49% holding in Johnson screens (India) Ltd for about Rs25.8 crore by 31March, 2008.

The company would sell 23.71 lakh equity shares at Rs109 each to Johnson Screens Inc, the US-based parent company of Johnson screens (India) Ltd, Gujarat Apollo informed the Bombay Stock Exchange.

The sell-off is likely to be executed by 31March, 2008, subject to approval of the Government. The company plans to utilize the fund for ongoing expansion plans, it added.

Shares of Gujarat Apollo were trading at Rs329.65, up 3.76% in the afternoon trading session on the BSE.

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