Ind-Swift Laboratories Limited not to extend BTA with PI Industries Ltd

The Business Transfer Agreement executed between Ind-Swift Laboratories Limited (ISLL / Seller) and PI Industries Limited (Buyer) dated 30 July 2021 ('BTA') has not been consummated till date and the Long Stop Date under the BTA has now expired. The Board of ISLL in its board meeting held today (1st November 2021) discussed the matter and has decided not to extend the Long Stop Date.

Therefore, pursuant to clause 8.1 of the BTA, since the Closing has not occurred prior to the Long Stop Date, the BTA stands terminated pursuant to the termination notice dated 1 November 2021 ("Termination Notice") and all transactions thereunder stand terminated with immediate effect.

The board of ISLL will decide next steps in this regard in the best interest of the Company and the shareholders of the Company.

Shares of Ind-Swift Laboratories Limited was last trading in BSE at Rs. 77.20 as compared to the previous close of Rs. 74.10. The total number of shares traded during the day was 78785 in over 952 trades.

The stock hit an intraday high of Rs. 79.00 and intraday low of 76.10. The net turnover during the day was Rs. 6100171.00.

Shares of PI Industries Limited was last trading in BSE at Rs. 2769.05 as compared to the previous close of Rs. 2732.95. The total number of shares traded during the day was 5100 in over 1365 trades.

The stock hit an intraday high of Rs. 2777.35 and intraday low of 2748.00. The net turnover during the day was Rs. 14109377.00.

Source : Equity Bulls

Keywords

IndSwiftLaboratoriesLimited INE915B01019 INDSWFTLAB PIIndustriesLimited INE603J01030 PIIND BTA Terminated