Stove Kraft Limited board approves acquisition

The Board of Directors of Stove Kraft Limited at its meeting held on today (i.e. January 01, 2022), has approved the MoU (Memorandum of Understanding) between the Company and METSMITH Innovations Private Ltd for the purchase of Fixed Asset at purchase price valued at Rs. 82,67,178/- (Rupee Eighty two lakhs sixty seven thousand one hundred seventy eight only) (exclusive of GST) with values being assigned to individual assets as contemplated under the Income Tax Act,1961 on such terms and conditions as contained in Memorandum of Understanding.

The Board of Directors of the Company at its meeting held on today (i.e. January 01, 2022), has approved the Business Transfer Agreement between the Company and SKAVA Electric Private Ltd for the acquisition of business / undertaking as a going concern basis on a slump sale basis for a lump sum consideration, without values being assigned to individual assets and liabilities as contemplated under the Income Tax Act, 1961 on such terms and conditions as contained in Business Transfer Agreement.

The Company will enter into Business Transfer agreement subject to due diligence and Regulatory approvals.

Shares of Stove Kraft Limited was last trading in BSE at Rs. 973.55 as compared to the previous close of Rs. 976.35. The total number of shares traded during the day was 2375 in over 411 trades.

The stock hit an intraday high of Rs. 988.20 and intraday low of 969.25. The net turnover during the day was Rs. 2321473.00.

Source : Equity Bulls

Keywords

StoveKraft INE00IN01015 AssetPurchase METSMITHInnovations SKAVAElectric BusinessTransferAgreement