Vapi Enterprise Limited receives approval from GIDC for sale of leasehold rights

Vapi Enterprise Limited has received final approvals from the Gujarat Industrial Development Corporation ("GIDC") and provided satisfaction of all legal due diligence and other necessary approvals and clearances from regulatory bodies to relinquish the leasehold rights towards Plot No. 298/1,2/3 & 299 admeasuring about 32,440 Sq. Meters. situated at Phase 2, GIDC, Vapi, Gujarat - 396195 to Bayer Vapi Private Limited, together with all easements, rights, profits, privileges, advantages and rights appurtenant for a consideration of Rs. 50,28,20,000/- (Rupees Fifty Crore Twenty-Eight Lakh Twenty Thousand Only) net of Indirect taxes on the mutually agreed terms and conditions as laid down in the Memorandum of Understanding(MOU) signed in December 2021.

Pursuant to these approvals, the transaction will be accounted for in the current quarter and financial year. As per terms of the MOU, the company intends to wind down all activities at the site, remove all structures and equipment's at the site, clean up of the land and handover of possession in the first half of financial year 2023-2024.

It is further informed that the company has 100% of its revenue and 100% of its net worth connected to activities at this site and hence this is a "Material Event" disclosure as defined by the policies.

Shares of VAPI Enterprises LTD. was last trading in BSE at Rs. 73.00 as compared to the previous close of Rs. 72.00. The total number of shares traded during the day was 1 in over 1 trades.

The stock hit an intraday high of Rs. 73.00 and intraday low of 73.00. The net turnover during the day was Rs. 73.00.

Source : Equity Bulls

Keywords

VAPIEnterprises INE464D01014 AssetSale LeaseholdRights GIDCApproval