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SPIC sells semiconductor arm to Natronix of Singapore

As part of its restructuring and to retire the huge debt, Southern Petrochemical Industries Corporation, popularly known as SPIC

As part of its restructuring and to retire the huge debt, Southern Petrochemical Industries Corporation, popularly known as SPIC, has decided to sell the entire promoters stake of 55.97% in SPEL Semiconductor, a subsidiary and a listed entity, to Singapore-based Natronix Semiconductor Technology.

SPIC will be selling 2,58,11,207 equity shares or 55.97% to Natronix Semiconductor at a price of R7.62 a share, against the market value of R5.21 per share, SPIC informed the stock exchanges. It is believed that trading on SPEL Semiconductor shares is not taking place on the stock exchanges for sometime now due to lack of interest from investors and the company has reported a consolidated sales of R15.68 crore and a net loss of R80 lakh for the quarter ended June 2013. The sale of these shares is expected to fetch SPIC a sum of R19.67 crore. The decision to sell its subsidiary is part of its ongoing restructuring.

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First published on: 21-11-2013 at 00:07 IST
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