McNally sells entire stake in Hayward Tyler

Written by fe Bureau | Kolhapur/Pune | Updated: Jan 30 2014, 10:15am hrs
McNally Bharat Engineering Companys 100% subsidiary in Singapore, MBE Mineral Technologies Pte, has sold its entire shareholding of 41.66% in Hayward Tyler Group UK via bidding process at AIM coun-ter of London Stock Exchange. The shares were sold at a total value of 12.3 million pounds.

McNally Bharats executive chairman Deepak Khaitan said the sale of investment in Hayward Tyler has yielded tax-free profit in its Singapore subsidiary of around $2.5 million, which shall be reflected in the consolidated accounts of MBE for FY14. Inflow from the transaction will reduce overall borrowing in the consolidated accounts of MBE by about R140 crore and also reduce the contingent liability for corporate guarantee given for the loans being paid back to the extent of R130 crore. f