Narendra Investment (Delhi) Limited enters into slump sale agreement with Urvi Speciality Chemicals

The Board of Directors of Narendra Investment (Delhi) Limited ('The Company') at its meeting held today commenced at 11.30 am and concluded at 7.15 pm has approved and taken on record the in-principal approval letter dated February 26, 2021 received from Registrar of Companies, Central Registration Centre, reserving the change of name from 'NARENDRA INVESTMENTS (DELHI) LIMITED' to 'EIKO LIFE SCIENCES LIMITED'.

The board approved raising of funds by issue of securities on preferential basis, subject to necessary shareholders / regulatory approvals, as applicable. The Board of Directors, at its meeting held today, has taken note of the investors who have individually expressed their agreement / willingness to subscribe upto 24,29,967 Equity Shares of Rs. 10/- each, being issued at a price of Rs. 30/- per share including Rs. 20/-per share towards the share premium for an aggregate amount upto Rs. 7,28,99,010/- which shall be undertaken on a preferential allotment basis.

The board approved "Slump Sale Agreement" entered into between the Company and M/s Urvi Speciality Chemicals (A Partnership Firm), for acquisition of "Undertaking" for a lump sum consideration of Rs. 14,46,41,000 including Rs. 10,96,41,000 as payable to outside creditors and balance of Rs. 3,50,00,000 as payable to the partners of the said Firm. The "Undertaking" consists of all the fixed assets including but not restricted to Land and Building, Plant and Machineries, interest and goodwill, technology, research and development both completed and ongoing, the book debts, stock-in-trade and all other specified and non-specified assets forming part of the said undertaking and also the defined and specified liabilities pertaining to the said undertaking which includes sundry creditors at their book value and / or agreed value depending upon the agreed terms and conditions. The said manufacturing entity of M/s Urvi Speciality Chemicals is situated at W-62A, MIDC, Badlapur, District Thane, Maharashtra is mainly into manufacturing of Speciality Chemical.

The board approved related party transaction as per Sec 188 of Companies Act, 2013 for acquisition of "Undertaking" of M/s Urvi Speciality Chemicals (A Partnership Firm) for a consideration payable in cash and/or by way of issuance of shares i.e. other than in cash to the said Partnership Firm and/ or its partners, in which Mr. Umesh Ravindranath More, one of the partners of M/s Urvi Speciality Chemicals is also a Director of "The Company". The said contract(s) / arrangement(s) / transaction(s) so carried out at arm's length basis and in the ordinary course of business of the Company.

The entire consideration is to be discharged by way of issuance upto 20,66,300 Equity Shares of Rs. 10/- at an agreed price of Rs. 70/- per share (including Rs. 50 per share towards share premium) to be issued to the Partners of the firm, unsecured creditors and other payables forming part of the undertaking.

Shares of Narendra Investments (Delhi) Ltd was last trading in BSE at Rs.41.2 as compared to the previous close of Rs. 41.7. The total number of shares traded during the day was 5326 in over 13 trades.

The stock hit an intraday high of Rs. 41.9 and intraday low of 39.65. The net turnover during the day was Rs. 216085.

Source : Equity Bulls

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