Windsor Machines Ltd approves divestment of stake in subsidiary

The Board of Directors of Windsor Machines Limited ("the Company") on recommendation & Approval of the Audit Committee at its meeting held on 20th March, 2023 has approved divestment of the Company's entire stake of Wintal Machine Srl, a wholly owned subsidiary of the Company, by way of sale to Mr. Massimo Pegoraro, (Buyer) subject to approval of RBI & Shareholders of the Company.

Wintal Machines S.R.L. Italy, a WOS of Windsor Machines Ltd is a loss-making entity in Italy having negative net worth of Rs. 29.34 Crore as on 31st March, 2022 and a negative net worth of Rs. 44.36 Crore as on 31st December 2022). Mr. Massimo Pegoraro has proposed to buy Wintal at a value of Euro 1 with all the liabilities of Wintal, provided that Windsor waives off Loan given to Wintal of Rs. 40.68 Crore. and Commercial receivables of Rs. 3.55 Crore. Windsor Machines Limited had already provided for such investments cum loans and receivables in F.Y. 2018-19 as losses. Considering the mounting liability on Wintal & difficulty in running the operations at Wintal, Windsor Machines Limited has decided to exit from Wintal. The company has received the valuation Report from Eversheds Sutherland Associazione Professionale, Italy signed by Sebastiano Sciliberto, Valuation Expert and Head of the Tax Department of the firm, which has valued Wintal Machines SRL at NIL valuation. Sale consideration is amount of Euro 1 only.

Shares of Windsor Machines Limited was last trading in BSE at Rs. 38.37 as compared to the previous close of Rs. 39.05. The total number of shares traded during the day was 13168 in over 88 trades.

The stock hit an intraday high of Rs. 39.05 and intraday low of 38.21. The net turnover during the day was Rs. 504779.00.

Source : Equity Bulls

Keywords

WindsorMachines INE052A01021 Divestment StakeSale WintalMachineSrl