Upon completion of the sale, ICML would cease to be a subsidiary.
The board of ICL has already cleared the sale of investment in ICML.
ICL is planning to sell its shares to Chennai-based Mirai Sensing Private Limited. Mirai was established in April 2019.
Industrial Chemicals and Monomers Limited was incorporated in August 1979. It has a paid-up capital of Rs 15000000. The sale consideration is Rs.97.68 crore, said ICL in a filing with the stock exchange.
In March this year, the board had ICL approved the sale of investments in several subsidiaries such as Coromandel Travels Limited, Raasi Cement Limited, Coromandel Electric Company Limited and Unique Receivables Management Private Limited, among others. Significantly enough, these sales are happening after the takeover of ICL by the Birla-owned Ultratech.
