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| Exchange Disseminated Time | Lakshmi Precision Screws Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 25, 2016, has transacted the following :
1. Approved the sale of the entire stake of 49% of LPS Shares in LPS Bossard Private Limited, Joint venture which was valued equal to Rs. 40.18 crores (Total Valuation of LPS Bossard Limited as per Discounted Cash Flow Method is Rs. 82.08 Crores as per Valuation Report) to any other related party i.e. Mr. Rajesh Jain and Associates where Rajesh Jain holds majority of shareholding.
2. Approved the proposal for obtaining members approval by special resolution being Material related party transaction for sale of stake of 49% LPS Shares in LPS Bossard Private Limited by the postal ballot process. The cut-off date for the purpose of the Postal Ballot will be January 29, 2016.
3. Mr. Suresh Kumar, Practicing Company Secretary has been appointed as Scrutinizer to conduct the postal ballot voting process. |
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