Artson Engineering Limited was trading higher after it announced a slew of changes following its board meeting on Monday.

What Happened: The Tata Group firm has changed its name to Artson Limited, the company said in a press release.

One of the significant decisions taken at the board meeting was also the approval of a business transfer agreement (BTA) for the sale of the company’s Nagpur Division to Tata Projects Limited. The sale is expected to be finalised by October 31, 2024. It is anticipated to generate between ₹20 crores to ₹25 crores. The final consideration is subject to acceptance and approval by Tata Projects Limited.

See Also: Hindalco’s Q1 Net Profit Rises 25% To ₹3,074 Cr In Q1

Tata Projects is a promoter of the company and holds 75% of the total shareholding.

The sale of the company's Nagpur division aims to generate liquidity and funds for investing in capital expenditures to support future growth plans, improve working capital, and repay debt, thereby reducing finance costs for the company.

Price Action: Shares of Artson Engineering were up 3.73% at ₹155.90 on Tuesday afternoon.

Read Next: Ashish Kacholia Invests In This Quant Funds Maiden Fundraise