20 Microns stock dips 4% as board nods temporary closure of manufacturing activities of 20 Microns Vietnam

Also, the board approved a scheme of arrangement like merger with one of the Promoter Group Company Eriez Industries.

Aug 11, 2021 02:08 IST India Infoline News Service

20 Microns announced that the board of directors of the company has approved the temporary closure of manufacturing activities of one of the foreign subsidiaries. Also, the board approved a scheme of arrangement like merger with one of the Promoter Group Company Eriez Industries.

In its regulatory filing, 20 Microns said that the board "approved the temporary closure of manufacturing activities at one of the foreign subsidiaries viz. 20 Microns Vietnam Company Limited, due to present Pandemic scenario but the trading activities by the same will continue."

Further, the board approved the proposal to enter into the scheme of arrangement in the nature of merger with one of the Promoter Group Company viz. Eriez Industries Private Limited with 20 Microns Limited. It may be noted that the Board of Directors of the Company has In- principally approved the proposal of entering into a scheme of arrangement in the nature of merger.

At around 2.36 pm, 20 Microns was trading at Rs57.75 per piece down by 4.3% on Sensex. 

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