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BGR Energy Systems gets nod to sell 69.67% stake in Progen
Mar-30-2020
BGR Energy Systems has received approval for the proposal of sale of entire investment of the company held in Progen Systems and Technologies (Progen), a subsidiary of the company. The sale comprise of 42.5 lakh equity shares constituting 69.67% of the subscribed and paid up capital of Progen. These shares are to be acquired by BGR Investment Holdings Company, a related party. BGR Investment Holdings Company holds the balance 30.33% of Progen.

Consequently, Progen would ceased to be a subsidiary of the company. The consideration to be received from such sale is Rs 43.35 crore. The company’s Board of Directors at their meeting held on March 30, 2020, approved the same.

BGR Energy Systems is engaged in construction and maintenance of power plants.

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