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Shearson Trading & Investment, a company of Yash Birla Group has purchased 14,20,000 equity shares from Kennametal Inc, USA whereby shareholding of the Yash Birla group in the company now stands at 88.48%.
Hence, the joint venture agreement between Kennametal Inc. and Birla International, a company of the Yash Birla group has also come to an end.
Further, Kumar Kanetkar, the nominee director of Kennametal Inc, has resigned with effect from 04 July 2007.
The company made this announcement during trading hours today, 12 July 2007.
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