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NIBE Unit Completes Divestment of Nibe Aeronautics; Shares Up 4%

Nibe Defence and Aerospace, a subsidiary of NIBE (BOM:535136), has completed the sale of its equity shares in Nibe Aeronautics to Ganesh Nibe, according to a BSE filing on Friday.The company has transferred 1.52 million shares to Ganesh Nibe, following which Nibe Aeronautics is no longer a subsidiary of Nibe Defence and, accordingly, ceases to be a step-down subsidiary of the company.The company's shares were up nearly 4% in recent trade.

-- Nibe Defence and Aerospace, a subsidiary of NIBE (BOM:535136), has completed the sale of its equity shares in Nibe Aeronautics to Ganesh Nibe, according to a BSE filing on Friday.

The company has transferred 1.52 million shares to Ganesh Nibe, following which Nibe Aeronautics is no longer a subsidiary of Nibe Defence and, accordingly, ceases to be a step-down subsidiary of the company.

The company's shares were up nearly 4% in recent trade.