Corporate News     09-May-14
Banco Products (India) & its subsidiaries divests total holdings in Lake Cements
For total consideration of USD 17.7 million
Banco Products (India) has announced that the Board of the Company and the Boards of its subsidiaries (Lake Minerals Mauritius and Nederlandse Radiateuren Fabriek B.V) at their respective meetings have decided to sell their total holdings in Lake Cements, a project to manufacture cement in Tanzania.

The combined total holding of 178,596 nos. of equity shares in Lake Cement is sold at a total consideration of USD 17.7 million, an approximate premium of 52% over the original investment.

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