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Hindustan Motors has said that it expects to raise minimum of Rs 150 crore by disposing of its Chennai plant. The board has formally proposed to sell whole or part of the plant to cut losses. The company is in the process of being referred to the BIFR.
In a proposal to the shareholders for a postal ballot seeking permission for the asset sale, the company said the consideration “shall not be less than Rs 150 crore”.
The ballot will remain open till February 1.
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