Carborandum Acquires volzheky shares

Chennai, Sep 7 (UNI) Carborundum Universal Limited India (CUMI), today acquired 84 per cent of the ordinary shares of the Russia- based Volzhsky Abrasive Works through its wholly owned subsidiary CUMI International Limited, Cyprus for a consideration of around US 37 million dollars.

CUMI is one of the flagship companies of the two billion dollar Murugappa Group.

As on date, Volzhsky Abrasive Works (VAW) holds 12.67 per cent of its ordinary shares as treasury investment, which represents approximately ten per cent of VAW's charter capital, a CUMI release said today.

Cancellation of VAW's treasury shares will result in CUMI's holding going up to 96 per cent of the ordinary shares. An open offer for the balance four per cent ordinary shares was being made as per statutory requirements.

VAW was a leading producer of SiC grains, Bonded Abrasives products and Refractories.

UNI