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EID Parry sells 47% stake for Rs 747 crore

Murugappa group firm EID Parry ( India) said it has received Rs 747.39 crore from Roca Bathroom Investments SL for offloading 47% stake in Parryware Roca, a JV between the two companies.

Parryware Roca is a 50:50 JV with the bathroom ceramics major Roca of Spain. The JV company offers products of international quality and designs and enable Parryware to access international markets. EID Parry India in a filing to the Bombay Stock Exchange said “the sale has been completed and consideration of Rs 747.39 crore has been received.

With this transfer EID-Parry (India) Ltd's equity holding in Parryware Roca Pvt Ltd is 3%.” Board of directors had earlier approved the sale of EID-Parry (India) Ltd's 47% stake in Parryware Roca to Roca Bathroom Investments SL.

Source: Times of India

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