India Glycols Ltd updates on sale of JV

With the execution of Share Purchase Agreement ("SPA") for sale of India Glycols Limited's entire investment in equity shares of joint venture namely Kashipur Infrastructure and Freight Terminal Private Limited ("JV Co" or "KIFTPL") to Gateway Distriparks Limited ("the Buyer").

We wish to inform you that upon fulfillment of conditions precedent under the SPA, on 23rd December, 2022, the Company has transferred 42.31% shareholding (i.e. 26,74,418 shares) of JV Co to the Buyer (in accordance with the term of the SPA), and has received Rs. 61,17,76,649 (Rupees Sixty One Crores Seventeen Lakhs Seventy Six Thousand Six Hundred Forty Nine only) after adjustment in terms of SPA.

Further, Company's affiliate has also transferred 6.61% shareholding (i.e. 4,17,725 shares) of JV Co to the Buyer (in accordance with the term of the SPA).

Subsequent to the said transfers, KIFTPL ceased to be a Joint Venture of the Company.

Additionally, the Company has signed an Agreement to Sell ("ATS") with the Buyer to sell / transfer land admeasuring approx. 7.544 acres which forms part of the private freight terminal owned and operated by JV Co, at a consideration of Rs. 8.97 Crores (Rupees Eight Crores and Ninety Seven Lakhs). The Company will close all actions and formalities related to sale of this land in due course.

Shares of India Glycols Limited was last trading in BSE at Rs. 709.35 as compared to the previous close of Rs. 738.10. The total number of shares traded during the day was 4103 in over 801 trades.

The stock hit an intraday high of Rs. 733.40 and intraday low of 695.55. The net turnover during the day was Rs. 2900481.00.

Source : Equity Bulls

Keywords

IndiaGlycols INE560A01015 SPA StakeSale