The cabinet on Thursday approved state-run Andrew Yule to sell its 26 percent stake in a joint venture unit for 628.2 million rupees, a minister said.
Andrew Yule would sell its share in Phoenix Yule Ltd, a joint venture with German firm Phoenix AG, at 49.50 rupees each, Information and Broadcasting Minister Ambika Soni told reporters.
After the cabinet decision, Andrew Yule shares rose by its daily 10 percent to 57.35 rupees in a weak Mumbai market that was down 0.7 percent at 1.30 p.m. local time.
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