Coatings producer Berger International today said it will sell its entire stake in loss making Berger Paints (China) for about 596,000 Singapore dollars (nearly Rs 2 crore).
The company has entered into a conditional share-purchase agreement with Golden Fly Horse International Holdings Co to sell entire stake of Berger Paints (China) for about 596,000 Singapore dollars, Asian Paints, a majority stakeholder in Berger International, said in a filing to the BSE.
The proceeds from the disposal would be used for the company's working capital purposes and to fund the operations of the Berger Group, the filing added.
The proposal is subjected to necessary shareholders approval, the filing added.
Golden Fly Horse is not related to Berger group or the company's major shareholder, Asian paints, it said.
Shares of Berger Paints today closed at Rs 1,378.35 on the BSE, down 0.94 per cent from its previous close.
