Modi Rubber Limited has informed the Exchange that the Company has signed Agreement on April 02, 2012, with MAN Diesel & Turbo SE, Germany for sale of its entire stake constituting 20.01% the equity share capital of MAN Diesel & Turbo India Limited, a closely held Company (represented by 3201200 equity shares) for a total sale consideration of INR359,910,916/= (Rupees Three Hundred Fifty-Nine Million Nine Hundred Ten Thousand Nine Hundred Sixteen only) in addition the Company is getting a non Compete fee of INR40,968196/= (Rupees Forty Million Nine Hundred Sixty Eight Thousand One Hundred Ninety Six only). The payments are subject to deduction of withholding tax, as applicable. The transaction is subject to fulfillment of conditions contained in the agreement.