Usha Martin firms up on stake sale in Dove Airlines

The company plans to sell its entire 50% stake in Dove Airlines Pvt Ltd

Shares of Usha Martin were up nearly 2% on the Bombay Stock Exchange, in an otherwise weak market, on plans to divest its entire stake of 50% held in 'Dove Airlines Pvt Ltd', a joint venture company at a consideration of Rs 8,10,50,000 subject to certain adjustments.

The necessary Share Purchase Agreement for the above divestment has been signed by the Company November 09, 2015 and the transaction will be completed upon receipt of approval from DGCA, Government of India, the company said in a release.

Subsequent to such divestment, DAPL shall cease to be a joint venture of the Company, the release added.

The stock opened at Rs 14.40 and touched a high of Rs 15.70. At 12:50pm, over 141,000 shares were traded on both the stock exchanges.