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| Exchange Received Time 26/07/2018 17:13:31 Exchange Disseminated Time 26/07/2018 17:13:37 Time Taken 00:00:06 | Pursuant to the provisions of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, we wish to inform you that the Board of Directors at their Meeting held today has transacted the following businesses:
1. Decided to divest up to 49% stake in its Unlisted Wholly-owned subsidiary M/s. E-Class Education System Limited to various potential investors in order to raise funds to reduce its debt obligations as well as to fund its growth requirements.
The Board has appreciated that, divesture measure in its Unlisted Wholly-owned subsidiary upto 49% stake will lead to business growth and reduction of debts, making the company's fundamentals strong. Post divesture M/s. Sundaram Multi Pap Limited will continue to hold 51% stake in its subsidiary i.e. M/s. E-Class Education System Limited.
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