Forbes & Company Ltd enters into sale of 3.804 acres for Rs. 200 crores

Forbes & Company Ltd has entered into Agreement for Sale (AFS) with Equinix India, Private Limited (the "Purchaser") for sale of approximately 3.804 acres of land at Chandivali, Mumbai for a consideration of Rs. 200 Crores (Rupees Two Hundred Crores) ("Proposed Transaction"). The Purchaser would also reimburse to the Company certain expenses as mentioned in the AFS.

The completion of the Proposed Transaction subject to fulfilment of various conditions precedent as stated in the AFS is expected to be completed in Q2/Q3 of FY 2021-2022.

The Purchaser is not a related party to the Promoters/ Promoter Group/ Group Companies of the Company and the Proposed Transaction is not a related party transaction. There will be no change in shareholding of the Company as part of the Proposed Transaction.

Shares of FORBES & COMPANY LTD. was last trading in BSE at Rs.2103.7 as compared to the previous close of Rs. 2095.3. The total number of shares traded during the day was 5010 in over 283 trades.

The stock hit an intraday high of Rs. 2180 and intraday low of 2095. The net turnover during the day was Rs. 10657465.

Source : Equity Bulls

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