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| Exchange Disseminated Time | With reference to earlier announcement dated April 18, 2011 informing that Modi Rubber Limited ("the Company") has entered into definitive agreements for the sale of 100% of its shareholding in its subsidiary Modi Tyres Company Limited to the Continental Group, Modi Rubber Ltd has now informed BSE that the sale by the Company of its entire shareholding in Modi Tyres Company Limited, represented by 56,046,680 equity shares of Modi Tyres Company Limited has been closed on July 15, 2011 and completed for a share purchase consideration of (approx) INR 117,61,89,838 and a non compete fee net of withholding tax in the sum of INR 17,22,95,100.
Consequent to the said sale, the Company's subsidiary, Modi Tyres Company Limited stands transferred to, and Modi Tyres Company Limited has become a wholly owned subsidiary of, the Continental Group. |
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