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Oct 12, 2007

LGB demerge the forging div

The board of directors of LG Balakrishnan and Bros, at its meeting held on Oct. 12, 2007, proposed to de-merger the forging division along with its assets and liabilities including the operations currently covered at Bangalore, Mysore and Coimbatore into a separate company and also it will be listed accordingly.Upon de-merger of the forging division into a new company, the company will look for the opportunities available for the global footprint of its operations including possible cross border acquisitions and network.Shares of the company declined Rs 0.45, or 1.85%, to settle at Rs 23.9. The total volume of shares traded was 59,581 at the BSE.

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