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News about Nahar Industrial Enterprises Limited

December 27th, 2007

The media had reports that  PE investors may acquire 15-20 percent in the Company’s wholly-owned arm Nahar Retail for Rs. 120 crore.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Nahar Industrial Enterprises Limited has vide its letter inter-alia stated,”We wish to inform that the management of Nahar Retail Limited which is an unquoted Company has in the price discovery exercise of its equity shares had been talking to various Private Equity Funds as its associates for the purpose of enhancement of paid up equity capital of the Company required for promotion of Company’s business. However, as and when the final decision to allot the shares would be taken, Nahar Retail Limited would immediately inform its holding Company so as to comply with all the formalities required under the provisions of law.”

Entry Filed under: Equity Markets, NSE