Delta Manufacturing hits new high after subsidiary completes divestment

England-based MagDev has completed the sale of certain business assets and its stake in Pilamec to Bunting Magnetics Europe Limited.

Oct 14, 2021 09:10 IST India Infoline News Service

Delta Manufacturing Limited informed the exchanges Wednesday that its England-based wholly-owned material subsidiary MagDev Limited has completed the sale of certain business assets and its stake in Pilamec Limited to Bunting Magnetics Europe Limited.

The company was informed on September 15, 2021, that Magdev had entered into agreements with Bunting Magnets of sale of certain business assets and its stake in Pilamec (wholly-owned subsidiary incorporated in England.

The Board of Directors of the company approved the divestment of assets by Magdev after convening an extra-ordinary general meeting of the members of the company on October 9, 2021.

At around 9.31 am, Delta Manufacturing Limited was trading at new high of Rs70.60 per piece up Rs3.35 or 4.98% on the BSE.

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