ICI India up 7% on arm selloff

DALAL STREET SPIKES

ICI India surged 7 per cent to Rs 372.10 on news of the company selling off its subsidiary. As many as 45,937 shares changed hands on the counter on Wednesday.

ICI India decided to sell its wholly-owned subsidiary, Quest International India (Quest India), to Switzerland's Givaudan Group for not less than Rs 390 crore.

Since ICI India had invested Rs 209 crore in Quest India shares, it will end up with a capital gain of at least Rs 181 crore from the sale.

Quest India was established in 2001 as a joint venture between the ICI Group and Hindustan Lever (HLL), with ICI India at the helm. ICI India's net profit rose 33 per cent in the quarter ended September to Rs 20.57 crore, on 6 per cent growth in sales to Rs 243.76 crore.