Krosaki Harima Corporation and Bajoria Financial Services Pvt Ltd to terminate their relationship in IFGL

Krosaki Harima Corporation, Japan (hereon 'Krosaki '), Bajoria Financial Services Pvt Ltd (hereon 'BFSPL') and IFGL Refractories Ltd (hereon 'IFGL') have pursuant to mutual discussion reached a settlement by way of a settlement agreement executed by each of the parties on July 11, 2023 ('Settlement Agreement').

Krosaki, and Bajoria Parties i.e. BFSPL and IFGL have each determined their paths for future growth and have collectively agreed to terminate their relationship in IFGL in an amicable manner.

As per the terms of the Settlement Agreement, Krosaki will sell their entire shareholding i.e. 55,90,156 equity shares having face value of Rs. 10/- each in IFGL, to BFSPL on terms and conditions agreed by them and as set out in a share purchase agreement also executed on July 11, 2023 by and between Krosaki and BFSPL ('SPA'). The said transfer of shares of IFGL between Krosaki and BFSPL will be in the nature of an inter se transfer between the promoters of IFGL and the completion will take place within 35 days from the execution of the SPA or on such other extended date as Krosaki and BFSPL may mutually agree in writing ('Closing Date'), in accordance with applicable law.

On the Closing Date, the relationship between Krosaki and BFSPL will stand terminated and Bajoria Parties on one hand and Krosaki on the other hand will no longer be affiliated with each other. In accordance with applicable law, Krosaki will cease to be the promoter of IFGL on and from a date on which Stock Exchanges i.e. the BSE Limited and National Stock Exchange of India Limited accord their approval in this regard.

Shares of IFGL Refractories Limited was last trading in BSE at Rs. 371.85 as compared to the previous close of Rs. 338.05. The total number of shares traded during the day was 26862 in over 1576 trades.

The stock hit an intraday high of Rs. 380.00 and intraday low of 340.70. The net turnover during the day was Rs. 9906550.00.

Source : Equity Bulls

Keywords

IFGLRefractories INE133Y01011 KrosakiHarimaCorporation BajoriaFinancialServices SettlementAgreement