Rajapalayam Mills Ltd to sell its stake in Lynks Logistics Ltd

Rajapalayam Mills Limited ("Company") has entered into the Share Subscription and Purchase Agreement ("SSPA") on 12-07-2023 for the purpose of sale and transfer of 12,14,51,338 equity shares in Lynks Logistics Limited ("Lynks") [80,00,000 Compulsorily Convertible Preference Shares under conversion into Equity Shares and 11,34,51,338 Equity Shares under Acquisition] 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. 21,04,74,068/- 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 RAJAPALAYAM MILLS LTD. was last trading in BSE at Rs. 747.10 as compared to the previous close of Rs. 716.50. The total number of shares traded during the day was 3217 in over 133 trades.

The stock hit an intraday high of Rs. 768.00 and intraday low of 729.45. The net turnover during the day was Rs. 2413113.00.

Source : Equity Bulls

Keywords

RAJAPALAYAMMILLS INE296E01026 Textiles StakeSale LynksLogistics BundlTechnologies Swiggy