Ramco Industries Ltd inks SSPA for sale of its stake in Lynks Logistics Ltd

Ramco Industries 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. 46,15,83,065 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 (CCPS) 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.79,99,19 ,268 /- as per the agreed terms under the SSPA, subject to any Closing date adjustments on account of Working Capital and Net Debt of Lynks.

The buyer is Bundl, engaged in the online delivery of food and/or fast moving consumer goods, providing an online marketplace for the facilitation of transactions between consumers and sellers (including restaurants and cloud kitchens) of food (whether prepared food or retail food products) and/or other fast moving consumer goods and facilitating online discovery, reservation of tables at restaurants and/or providing customers app linked offers and benefits for dining in at restaurants, (iv) operating cloud kitchens for online delivery of prepared food.

Shares of Ramco Industries Limited was last trading in BSE at Rs. 167.90 as compared to the previous close of Rs. 169.45. The total number of shares traded during the day was 9885 in over 286 trades.

The stock hit an intraday high of Rs. 171.90 and intraday low of 164.75. The net turnover during the day was Rs. 1667917.00.

Source : Equity Bulls

Keywords

RamcoIndustries INE614A01028 StakeSale LynksLogistics BundlTechnologies Swiggy