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Outcome of Board Meeting

| Updated on July 29, 2011 Published on July 29, 2011

Kilburn Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 29, 2011, has considered and approved the sale and transfer of its chemical division relating to manufacturing and marketing of the Anatase grade Titanium Dioxide including the identified assets and liabilities to Mr. S Vaikundarajan as partner of the partnership firm M/s. V V Mineral registered under the Indian Partnership Act, 1932 and having its registered office at Tisayanvilai, Tirunelveli, Tamil Nadu, or any entity controlled by them, as a going concern on a slump sale basis (“Purchaser”) subject to fulfillment of conditions precedents and other regulatory consents/approvals, as may be required for a lump-sum consideration of about Rs. 110 Crores (One Hundred and Ten Crores only) subject to such adjustments as may be agreed (“Transaction”).

Further the Company has also informed that the Board has also approved and executed a memorandum of understanding (“MOU”) with the Purchaser for consummation of the proposed Transaction. The Transaction is however subject to consent of the shareholders pursuant Section 293(1)(a), Section 192A and other applicable provisions, if any, of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2011, along with the applicable provisions of the listing agreement entered into by the Company with the Stock Exchange where the shares of the Company are listed, the applicable statutes, guidelines, regulations, such other approvals and permissions as may be required by the Company and other customary conditions precedent as may be agreed in definitive documents.

Source : BSE - >www.bseindia.com

Published on July 29, 2011
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