Century Plyboards India Ltd to form Century Ports Ltd

The Board of Directors of Century Plyboards (India) Ltd, by a resolution passed by circulation on 3rd April, 2022, has considered and approved, subject to necessary statutory and regulatory approvals, as may be required, incorporation of a Wholly owned Subsidiary Company in the name of "Century Ports Limited" or such other name as may be available from the Ministry of Corporate Affairs, for carrying out the project for rejuvenation of Khidderpore Docks (KPD-I West) through PPP mode on Design, Build, Finance, Operate and Transfer (DBFOT) basis at Syama Prasad Mookerjee Port, Kolkata.

Century Ports Limited (CPL) is being incorporated as a Wholly owned Subsidiary of the Company and post incorporation, it becomes a related party.

However, the initial subscription amount mentioned above does not fall within the ambit of related party transaction.

The promoter/ promoter group of the Company have no personal interest in CPL.

The proposed wholly owned subsidiary company shall be carrying out the project for rejuvenation of Khidderpore Docks (KPD-I West) through PPP mode on Design, Build, Finance, Operate and Transfer (DBFOT) basis at Syama Prasad Mookerjee Port, Kolkata.

Shares of Century Plyboards (India) Limited was last trading in BSE at Rs. 697.75 as compared to the previous close of Rs. 709.75. The total number of shares traded during the day was 32112 in over 2069 trades.

The stock hit an intraday high of Rs. 724.75 and intraday low of 692.60. The net turnover during the day was Rs. 22726637.00.

Source : Equity Bulls

Keywords

CenturyPlyboardsIndia INE348B01021 Subsidiary CenturyPorts KhidderporeDocks