Sakthi Sugars Ltd inks BTA to sell sugar and distillery in Odisha

Sakthi Sugars Ltd has executed a Business Transfer Agreement (BTA) today for sale of Sugar and Distillery Units in Dhenkanal, Orissa State to Indian Potash Limited, Seethakathi Business Centre, 1st Floor, 684-690, Anna Salai, Chennai-600006 (Purchaser) on a going concern on an 'AS IS WHERE IS WHAT IS' basis by way of a slump sale and specifically include the Assets, Liabilities and the Agreed Liabilities, except contingent Assets and contingent Liabilities, for a consideration of Rs . 134.10 crores. The Purchaser will participate in the management and operations of the Dhenkanal Units immediately on the execution of the BTA.

The effective date of the Business Transfer Agreement is 1st July 2022 and the closing date of the transaction, after fulfilling the conditions precedent to closing, will be prior to 3Qth September 2022.

Shares of Sakthi Sugars Limited was last trading in BSE at Rs. 16.50 as compared to the previous close of Rs. 15.70. The total number of shares traded during the day was 51144 in over 398 trades.

The stock hit an intraday high of Rs. 17.00 and intraday low of 15.65. The net turnover during the day was Rs. 847882.00.

Source : Equity Bulls

Keywords

SakthiSugars INE623A01011 AssetSale Dhenkanal Distillery SugarUnit SlumpSale