India, Sept. 24 -- Himadri Speciality Chemical Ltd said its subsidiary Trancemarine and Confreight Logistics Pvt Ltd has entered into an agreement to sell 34% stake in Sturdy Niketan Pvt Ltd, a subsidiary of Trancemarine.
Following the transaction, Trancemarine will continue to hold 65% in Sturdy Niketan, which will remain a subsidiary of Trancemarine and a step-down subsidiary of Himadri Speciality Chemical.
The company said neither Trancemarine nor Sturdy Niketan is a material subsidiary, and therefore the transaction does not involve the sale or disposal of any shareholding or assets of a material subsidiary.
The transaction is not a related-party transaction, and the buyers are not related to the promoter group or group companies. Th...