Indag Rubber Ltd had updates on sale of stake in JV

Indag Rubber Ltd had earlier announced regarding sale / transfer of 15,00,000 equity shares of Rs.10 each of SUN Mobility EV Infra (P) Limited, (Joint Venture company - hereinafter referred as JVCO), by the Company, to EPIC Mobility Technologies Pte Ltd. (Joint Venture Partner - hereinafter referred as Purchaser) at IRR of 15% pre-tax or Fair Market Value (whichever is higher).

The equity shares of Rs.10 each have been transferred at a price of Rs.14.642 per share (Total amount - Rs.2.20 crore) on 18 October 2021.

The 1,20,00,000 optionally convertible redeemable preference shares of Rs.10/- each of JVCO held by the Company have been redeemed on 18 October 2021 at a price of Rs.14.642 per share (Total amount - Rs.17.57 crore)

Mr. Vijay Shrinivas, who was a representative Director of the Company on the Board of JVCO, has resigned from the Board of JVCO w.e.f. 18 October 2021, as the Company is not holding any share capital of the JVCO w.e.f. 18 October 2021.

Shares of INDAG RUBBER LTD. was last trading in BSE at Rs. 80.20 as compared to the previous close of Rs. 82.00. The total number of shares traded during the day was 8085 in over 156 trades.

The stock hit an intraday high of Rs. 83.40 and intraday low of 80.00. The net turnover during the day was Rs. 659423.00.

Source : Equity Bulls

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INDAGRUBBER INE802D01023 AutoTyres RubberProducts StakeSale JVC