Adhunik Metaliks rises on board nod for sale of subsidiary

Comapny decides to sell its entire investment in its subsidiary, M/s Neepz V Forge (India) Limited

Adhunik Metaliks is trading higher by 5% at Rs 45.50 after the company said it has decided to sell the company's entire investment in one of its subsidiaries, M/s Neepz V Forge (India) Limited.

“The board of directors of the company at its meeting held on April 25, 2012, has decided to sell the company's entire investment in one of its subsidiaries, M/s Neepz V Forge (India) Limited," the company said in a filing to the stock exchanges.

A combined 28,363 shares have changed hands on the counter so far on both the exchanges.