EID Parry offloads subsidiary's shares to ROCA of Italy

Mumbai, June 1 (UNI) EID Parry India has transferred 4,32,580 equity shares of Rs 10 each held by the company in Parryware Glamourooms Pvt Ltd (PGPL) to Roca Sanitario S A of Italy (ROCA) for a consideration of Rs 118 crore, PGPL is a subsidiary of EID Parry.

Informing the BSE, the company said these shares were transferred on June 1, 2006, in accordance with the agreement the company had with ROCA. ROCA and EID Parrys subsidiary PGPL have entered into a joint venture agreement whereby each will hold 50 per cent share in the company.

The share transfer was awaiting clearance of the Foreign Investment Promotion Board, which has been received.

The PGPL Board also allotted 6,34,840 equity shares of Rs 10 each of PGPL to ROCA.

Consequent to this PGPL ceased to be a subsidiary of the company with effect from June one and will be a joint venture company in which the Company and ROCA hold 50 per cent equal stake in the capital.

UNI SN MJ AG1840