GRP Limited disposes off 50% stake in JV Marangoni GRP; stock jumps ~1%

28 Jun 2022 , 11:19 AM

GRP Limited has informed that the company has disposed off its 50% holding in equity shares of its Joint Venture company Marangoni GRP Private Limited (MGPL).

The company has sold off such a stake in the company for a consideration of Euro 7,10,000 (approx. Rs5.91 crore).

The buyer is Leader Rubber Proprietary Limited and does not belong to any of the promoter/promoter group companies.

The expected date of completion of sale/disposal is approximately 15 days from the date of receipt of consideration.

The company entered into a sale agreement on April 27, 2022.

GRP Ltd is currently trading at Rs1,320 up by Rs14.8 or 1.13% from its previous closing of Rs1,305.20 on the BSE. The scrip opened at Rs1,336.50 and has touched intraday high and low of Rs1,336.50 and Rs1,316 respectively.