Poddar Housing and Development Ltd to sell 'Poddar Riviera' project to Runwal Group

Poddar Housing and Development Limited ("PHDL"), Mr. Rohitashwa Poddar, the Managing Director said that the Board of Directors has proposed the transfer of its Project "Poddar Riviera" situated at Kalyan, which includes all assets, properties, rights, liabilities, litigations, obligations, benefits, contracts, licenses, employees and records pertaining to such identified business undertaking, (hereafter called the "Business Undertaking") as a "going concern" to Runwal Developers Private Limited "Runwal Group" ("Buyer") by way of a 'slump sale' (as defined under Section 2(42C) of the Income Tax Act, 1961) "the transaction" by way of Business Transfer Agreement, which was proposed by the Board of Directors in its meeting held on 14th February to the shareholders by way of:postal ballot in terms of Section 180 of the Companies Act, 2013.

The Company has proposed the transaction of sale of business undertaking to Runwal Group at aggregate consideration of Rupees One Lakh. The Runwal Group is taking the project liabilities of Rs. 233 Cr. against the project assets of Rs. 174 Cr. This transaction will generate profit of Rs. 68 Cr to the company and also will help company in reduction of debt of Rs. 153 Cr. and consequently interest costs. The detail of assets and liabilities of the said project given in explanatory statement of the postal ballot.

He Commented that aforesaid transaction is expected to be closed on or before 30" April, 2023, subject to requisite, statutory, regulatory and other approvals, including approval of shareholders of the Company.

Shares of Poddar Housing and Development Limited was last trading in BSE at Rs. 94.20 as compared to the previous close of Rs. 97.25. The total number of shares traded during the day was 8825 in over 283 trades.

The stock hit an intraday high of Rs. 99.90 and intraday low of 92.55. The net turnover during the day was Rs. 844631.00.

Source : Equity Bulls

Keywords

PoddarHousingandDevelopment INE888B01018 PoddarRiviera Kalyan ProjectSale RunwalGroup