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Our Bureau

Chennai, June 1

EID Parry (India) Ltd on Thursday, transferred 4.32 lakh equity shares of Rs 10 each in its 100 per cent subsidiary, Parryware Glamourooms Pvt Ltd (PGPL), to Roca Sanitario S.A. for a consideration of about Rs 118 crore, after approval from the Foreign Investment Promotion Board. According to a notice to the National Stock Exchange, the PGPL Board has also allotted 6,34,840 equity shares of Rs 10 each to Roca, on Thursday. On March 1 EID Parry transferred the Parryware business to PGPL. With effect from June 1, PGPL ceased to be a subsidiary of EID Parry and will be a joint venture in which both EID Parry and Roca will each hold a 50 per cent stake in the capital.

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