Ravindra Energy Ltd completes sale of stake in REL Rural Warehousing Ltd

Pursuant to the approval of the Board of Directors of Ravindra Energy Limited in its meeting held on May 21, 2022 and as approved by the shareholders of the Company in the Annual General Meeting of the Company held on August 11, 2022, the Company has completed the divestment by way of sale of its stake held in REL Rural Warehousing Limited a Wholly-Owned Subsidiary of the Company to the promoters of the Company.

The Consolidated turnover of the Company for the year ended March 31, 2022 was Rs. 7,649.98 million and that of RRWL was Rs. 3,730.47 million. Accordingly, the said subsidiary contributed around 48.76% of the consolidated turnover of the Company.

The Consolidated Net Worth of the Company for the year ended March 31, 2022 was Rs. 1,608.73 million and that of RRWL was Rs. 11.89 Million. Accordingly, the said subsidiary contributed around 0.07% of the consolidated New Worth of the Company.

The Consolidated Net Worth of the Company for the quarter ended June 30, 2022 was Rs. 1,641.19 million and that of RRWL was Rs. -14.97 Million.

Accordingly the said subsidiary contributed around -0.91% of the consolidated New Worth of the Company as on June 30, 2022.

The Consideration received from such sale / disposal is Rs. 1,07,00,000/-

Source : Equity Bulls

Keywords

RavindraEnergy StakeSale RELRuralWarehousing