News & Analysis » India
EID Parry Acquires Majority Holding GMR Industries
August 27, 2010, Friday, 17:30 GMT | 12:30 EST | 22:00 IST | 00:30 SGT
(RTTNews) - EID Parry India Ltd. said it had acquired 1,29,75,110 equity shares of Rs.10 each representing 65% of voting rights of GMR Industries Ltd., in pursuance of the share purchase agreement entered on April 25 this year.
Consequently, GMR Industries became the subsidiary of EID Parry effective August 27, 2010.
The company said it had also acquired the entire 1,28,31,880, 8% non-cumulative redeemable preference shares of Rs.11 each at par.
At the BSE, EID Parry shares are currently trading at Rs.393.90, down by 0.76%, while that of GMR Ind. is trading at Rs.107.50, down by 1.33% from the previous close.
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