Dhani Services Limited udpates on ARC business

The Board of Directors of Dhani Services Limited (formerly Indiabulls Ventures Limited), in view of the prevailing economic and business scenario and to enable Company management to focus full time on the new sunrise sector of healthcare and telemedicine, through Company's proprietary Dhani Technology platform, to cater to domestic, NRIs and other offshore customers, by providing end to end mobile application based technology solutions for Company's e-commerce business through "Dhani" app, has authorised that the existing asset reconstruction business carried out by the Company through its subsidiary company i.e. Indiabulls Asset Reconstruction Company Limited (IBARC) (including trusts settled by IBARC along with all underlying schemes, security receipts (SRs), loan portfolios, etc.) be transferred / sold either by way of sale and / or transfer of such business by IBARC and / or sale and transfer of Company's stake in IBARC to the prospective buyer(s) (preferably to another asset reconstruction company) at a consideration, which shall not be less than the fair value of equity shares of IBARC (in case the Company sells its stake in IBARC) or fair value of its investment in SRs (in case IBARC sells / transfer its existing asset reconstruction business) and consequently surrender of certificate of registration of the existing asset reconstruction business by IBARC.

The proposed sale/transfer of such ARC business shall be subject to all applicable approvals and compliances with all the extant guidelines, circulars, notifications and/or applicable laws.

Shares of Dhani Services Limited was last trading in BSE at Rs.207.4 as compared to the previous close of Rs. 199.4. The total number of shares traded during the day was 21938 in over 1060 trades.

The stock hit an intraday high of Rs. 211.4 and intraday low of 197.95. The net turnover during the day was Rs. 4494434.

Source : Equity Bulls

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