(Telestock) – Propellera company listed on Euronext STAR Milan and active in the production of kitchen hoods and extractor hobs, has Partial sale of the stake held in Elica PB India completedcommunicated on September 19.
Therefore, Elica has given up the 4.78% of the share capital of the Indian subsidiary together with the other Indian minority shareholders who sold a further 4.78% stake. The consideration for the sale paid by Whirlpool of India to Elica was equal to INR 764,721,195 (approximately 8.2 million euros gross at today’s exchange rate).
In light of the transfer, Whirlpool of India holds approximately 96.81% of Elica PB India, while Elica and the group of other Indian minority shareholders remain shareholders with a stake of approximately 1.59% each.
Elica PB India has renewed a Trademark & Technical License Agreement with Elica, which provides for theuse of the trademark Propeller exclusively on Indian territory and non-exclusively in Nepal and Bangladesh.