Saurashtra Cement Limited to take over paint business of Snowcem Paints Pvt Ltd

The Board of Directors of Saurashtra Cement Limited at its meeting held on 30 March, 2021 has approved to take over the paint business of Snowcem Paints Private Limited on slump sale basis and as a going concern.

The total consideration for the transaction is around Rs.55 crores. However, the same may vary with such adjustments for net working capital as may be deemed necessary and agreed amongst Snowcem Paints Private Limited and the Company. The closure of transaction is subject to successful negotiation and execution of the definitive agreements including the Business Transfer Agreement and other such agreements customary to the transaction of this nature. Further, powers has been delegated by the Board to the Executive Vice Chairman and the Managing Director to vary, modify the structuring of the transaction if need.

Shares of SAURASHTRA CEMENT LTD. was last trading in BSE at Rs.57.65 as compared to the previous close of Rs. 57. The total number of shares traded during the day was 37059 in over 247 trades.

The stock hit an intraday high of Rs. 60.35 and intraday low of 56.75. The net turnover during the day was Rs. 2176852.

Source : Equity Bulls

Keywords