S Chand and Company Ltd updates on stake sale in iNeuron

The board of directors of S Chand and Company Ltd had earlier announced the sale of entire stake (i.e. 6.05% on fully diluted basis) held by the Company together with its wholly owned subsidiaries namely, Yikas Publishing House Private Limited ("Vikas") and Chhaya Prakashani Limited ("Chhaya") in iNeuron Intelligence Private Limited ("iNeuron").

For the said stake sale in iNeuron, the Company has executed the definitive agreements on December 21, 2022 with iNeuron, its Founders and PhysicsWallah Private Limited and others.

The entire stake heldby the Company together with Vikas and Chhaya has agreedto be sold at an aggregate amount of ~ INR 13.80 Crores (Rupees Thirteen Crores Eighty Lacs only), which amounts to a return of almost 2.1x in one year on the initial Invested amount. The Company together with Yikas and Chhaya invested an aggregate amount of INR 6.58 Crores (Rupees Six Crores Fifty EightLacs only) in two tranches one in December, 2021 and other in September 2022.

Shares of S Chand And Company Limited was last trading in BSE at Rs. 167.10 as compared to the previous close of Rs. 176.30. The total number of shares traded during the day was 23139 in over 1044 trades.

The stock hit an intraday high of Rs. 180.00 and intraday low of 165.30. The net turnover during the day was Rs. 3974966.00.

Source : Equity Bulls

Keywords

SChandAndCompany INE807K01035 StakeSale Agreement iNeuron