Linde India surges post completion of the divestment
Today, Linde India informed the bourses that it has completed the divestment of its south region divestment business and received the consideration of Rs 1,380 crore for the same.
On August 12, 2019, the Board of Directors of the Linde India had approved the sale of the company's south region divestment business, which includes producing, distributing, and selling various industrial gases.
On August 13, 2019, the company has entered into a binding term sheet with Air Water India Private Limited and with Air Water Inc. On November 22, 2019, it signed a business transfer agreement with Air Water India Private Limited and Air Water Inc. to divest its business for a consideration of Rs. 1,380 crore.
With this development, the stock of Linde India surged on the bourses. The stock which opened at Rs 636 apiece surged nearly 4 per cent to an intra-day high of Rs. 653.6 post announcement. Later the stock cooled down and at 12.31 hours it was trading at Rs. 641.3, up by 2.4 per cent from previous close.