Crompton Greaves will sell its stake in US-based Paxonet Communications to Conexant Systems for $1.5 million.
The company's board of directors today approved the divestment of its shareholding in Paxonet Communications Inc of USA, it informed the National Stock Exchange.
The board approved the sale of company's shareholding in Paxonet Communications, comprising 30,00,000 shares worth $0.10 dollar a share, to Conexant Systems Inc USA or its nominees, at a price not below $0.50 per share.
The value of the deal with Paxonet is estimated at $1.5 million.