Autoline Industries Limited updates on sale of stake in Autoline Industrial Parks Ltd

Autoline Industries Limited had earlier announced regarding the execution of a Memorandum of Understanding (MOU) with MNSC Realty & Developers Pvt. Ltd dated April 29, 2023 for sale of 44.78% Equity Shares of Autoline Industrial Parks Limited (AIPL) a Material Subsidiary of the Company (including 1.55% stake held by its wholly owned subsidiary Autoline Design Software Ltd.(ADSL).

The Company and the ADSL have entered into a Definitive Agreement viz. Share Purchase Agreement (SPA) on August 8, 2023 with MNSC Realty & Developers Pvt. Ltd. for selling their entire stakes of 44.78% held in AIPL.

Total consideration for the above sale is Rs. 95,16,62,991 to the Company and Rs. 3,33,37,009 to Autoline Design Software Limited (WOS) out of which the Company has received Rs 20,00,00,000/- till date.

Shares of Autoline Industries Limited was last trading in BSE at Rs. 85.70 as compared to the previous close of Rs. 84.33. The total number of shares traded during the day was 56071 in over 562 trades.

The stock hit an intraday high of Rs. 94.75 and intraday low of 84.79. The net turnover during the day was Rs. 4913369.00.

Source : Equity Bulls

Keywords

AutolineIndustries INE718H01014 SPA StakeSale