Varroc Engineering Ltd to sell identified plant and machineries to Varroc Polymers Ltd

Varroc Engineering Limited ("VEL") has entered into an arrangement with its Wholly Owned Subsidiary viz. Varroc Polymers Limited ("VPL") for sale of identified Plant & Machineries/equipment located at Company's Plant/Facility situated at Survey No. 44/2,44/4,43,42/15,45/1(P),481/(P), Pondur A Village Sriperumbudur, Sriperumbudur, Kanchipuram- 602105, Tamil Nadu ("VEL Chennai facility") to VPL's manufacturing facility situated at Survey No. 128-1B and 129 - 1B, Ezhichur Village and post, Via Singaperumalkoil, Tal. Sriperumbudur, Dist. Kancheepuram, Chennai - 603204 ("VPL Chennai Facility"). Further, VPL is also in process of leasing the said identified Plant and Machineries/equipment to VEL' Chennai Facility and the said transaction is expected to be concluded on or before the end of September, 2023. The said identified transactions will be completed on arm's length basis and prevailing market rates on mutually agreed terms and conditions between the parties. The Audit Committee and & Board of Directors of respective companies have duly approved the above said transactions.

Shares of Varroc Engineering Limited was last trading in BSE at Rs. 474.60 as compared to the previous close of Rs. 450.60. The total number of shares traded during the day was 62868 in over 3001 trades.

The stock hit an intraday high of Rs. 482.40 and intraday low of 445.50. The net turnover during the day was Rs. 29680195.00.

Source : Equity Bulls

Keywords

VarrocEngineering INE665L01035 AssetSale Sriperumbudur VarrocPolymers