APIS India Ltd approves transfer of B2C Business Division to subsidiary through slump sale

The board of directors of APIS India Limited in their Meeting held on today i.e. 06th July, 2023 considered and approved the transfer of 'B2C Business Division' of the Company on a going concern basis into its wholly owned subsidiary namely Nature's Family Tree Foods Private Limited ("Buyer"), subject to receipt of requisite approvals including that of the Shareholders of the Company and execution of a Business Transfer Agreement ("BTA") between the Company and the Buyer in this regard.

During the last Financial Year of the Company, the turnover of the 'B2C Business Division' of the Company is Rs. 150.28 Crores As which comprises approx. 45.26% of the total sales of the Company and Net worth contributed by the 'B2C Business Division' of the Company is Rs. 21.95/- Crore.

An overall consideration of Rs. 22 crores (Rupees Twenty Two Crore only), which will be discharged by the Buyer by way of issue of its 2,20,00,000 Equity Shares of Rs. 10 each having a face value of Rs. 10/- (Indian Rupees Ten) to the Company towards consideration for transfer of "B2C Business Division" Business on slump exchange basis as per the terms and conditions as more appropriately defined in the Business Transfer Agreement.

APIS India Limited has an in-house facility for testing, processing and filtration for honey. The company has also forayed into tea, cookies and preserves. The Company has also got the framed BRC, ISO22000, KOSHER, HALAL, NON-GMO, ORGANIC Certification.

Nature's Family Tree Foods Private Limited is engaged in the business of manufacturing, preserving, reigning, packing, bottling, prepare, manipulate, treat, market, import, export, improve, produce, process, prepare, buy, sell, deal in and carry on the manufacturing and trading in foods and beverages.

Source : Equity Bulls

Keywords

APISIndia B2CBusinessDivision SlumpSale NaturesFamilyTreeFoods