Binny Ltd to acquire assets from Mohan Breweries against advances given for land purchase

The Board of Directors of Binny Ltd at their meeting held today (August 30, 2021), considered and approved, the aquisition / takeover of the following business and immovable properties of Mohan Breweries & Distilleries Limited ("MBDL") amounting to Rs.554 Crores, based on Independent Valuation Report and to set off the consideration payable to MBDL against land advance along with interest and other advances amounting to Rs.528.77 Crores due from MBDL.

- 62 KLPD Distillery Unit at Chengelpet on an on-going Concern basis along with Land, Building, Plant & Machinery, all its licenses and other Assets valued - Rs. 100.00 crores

- 12.43 acres of Factory Land located in M.M.Nagar Valasaravakkam valued Rs. 265.00 crores

- 42.46 acres of lands located at Ozhalur Village in Chengelpet Taluk of Kancheepuram District valued Rs. 53.00 crores

- 62.386 acres of lands located at Irunkundrampalli Village In Chengelpet Taluk of Kancheepuram District valued Rs. 109.00 crores

- 850 acres of Wind Mill Lands at Tirunelveli District valued at (Net) Rs. 27.00 crores

The net payable amount to MBDL is Rs.8.56 Crores and it is mutually agreed between the Company and MBDL that the same will be waived by MBDL.

Shares of Binny Ltd., was last trading in BSE at Rs. 308 as compared to the previous close of Rs. 298.4. The total number of shares traded during the day was 10782 in over 140 trades.

The stock hit an intraday high of Rs. 311.8 and intraday low of 293.6. The net turnover during the day was Rs. 3270799.

Source : Equity Bulls

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