The Ramco Cements Ltd to sell stake in Lynks Logistics Ltd to Swiggy

The Ramco Cements Limited ("Company") at its Board Meeting held on 12th July, 2023 has approved the execution of the Share Subscription and Purchase Agreement ("SSPA") for the purpose of sale and transfer of its entire shareholding (i.e. 49,95,16,202 equity shares) in Lynks Logistics Limited ("Lynks") to Bundl Technologies Private Limited ("Bundl", operating under the brand name "Swiggy") in exchange for Compulsorily Convertible Preference Shares of Bundl to be issued and allotted by Bundl to the Company.

The company will also be providing representations / warranties / indemnities to Bundl in connection with the proposal, the aggregate indemnification liability of the Company not to exceed Rs.86,56,57,050/- as per the agreed terms under the SSPA, subject to any Closing date adjustments on account of Working Capital and Net Debt of Lynks.

Shares of The Ramco Cements Limited was last trading in BSE at Rs. 924.00 as compared to the previous close of Rs. 934.35. The total number of shares traded during the day was 5663 in over 719 trades.

The stock hit an intraday high of Rs. 939.65 and intraday low of 921.20. The net turnover during the day was Rs. 5247245.00.

Source : Equity Bulls

Keywords

TheRamcoCements INE331A01037 StakeSale LynksLogistics BundlTechnologies Swiggy