VOLTAS Ltd updates on business transfer

Upon satisfactory completion of 'Conditions Precedent' as stipulated in the Business Transfer Agreement (BTA), earlier executed on 24th March, 2021 between the Company and Universal MEP Projects & Engineering Services Limited (UM PESL), a wholly-owned subsidiary of Voltas, the transaction has been consummated on 1st August, 2022, being the 'Closing Date' for transfer of domestic B2B businesses comprising projects business relating to Mechanical, Electrical and Plumbing (MEP) / Heating, Ventilation and Air-Conditioning (HVAC) and Water projects, Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) business. After taking into consideration the working capital adjustments, the consideration amount for transfer of aforesaid businesses is Rs.1190 crores.

Shares of Voltas Limited was last trading in BSE at Rs. 999.60 as compared to the previous close of Rs. 999.55. The total number of shares traded during the day was 76644 in over 5370 trades.

The stock hit an intraday high of Rs. 1005.00 and intraday low of 989.05. The net turnover during the day was Rs. 76573160.00.

Source : Equity Bulls

Keywords

Voltas INE226A01021 BusinessTransfer