The board of RSWM on Wednesday decided to sell 1.69 crore equity shares held in Bhilwara Energy, an associate company, for a cash consideration of ₹84.85 crore to HEG on the basis of valuation of fair price per share on arm’s length basis.
The company’s holding in Bhilwara Energy, after the proposed sale, would be 1.25 crore shares, comprising 7.56 per cent of the total share capital. Shares of RSWM fell 0.41 per cent at ₹180 on the BSE, while those of HEG jumped 1.56 per cent at ₹2,072.20.