Naga Ltd to acquire RTE business of Hatsun Agro Product for Rs. 25 crores

The board of directors of Hatsun Agro Product Limited have approved the Sale of Ready to Eat (RTE) Business to Naga Limited for a consideration of Rs.25 Crores by way of transfer of all the Assets of the RTE business (excluding the Land and Buildings, Crates and Cans).

The Agreement for sale of RTE (Ready to Eat) business by the Company to Naga Limited has been entered in to today i.e., 09th March, 2022. The Sale is conditional upon satisfactory completion of the respective conditions precedent by the parties.

The Board took note that, it is the best proposition to the Company to Sell the RTE business at Rs.25 Crores considering its contribution to annual sales, which is less than 0.5% of the total sales of the Company and further RTE business with lesser volume is also not profitable. The Board was satisfied that the discontinuance will not affect adversely the profitability of the Company.

Shares of Hatsun Agro Product Limited was last trading in BSE at Rs. 1065.95 as compared to the previous close of Rs. 1084.90. The total number of shares traded during the day was 8879 in over 2435 trades.

The stock hit an intraday high of Rs. 1114.00 and intraday low of 1052.00. The net turnover during the day was Rs. 9416098.00.

Source : Equity Bulls

Keywords

HatsunAgroProduct INE473B01035 RTEBusiness Sale Naga Oyalo