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Shalby Limited signs amended agreement for Santacruz project
Posted On : 2023-11-22 17:47:54( TIMEZONE : IST )
On November 22, 2023, Shalby Limited has executed the Amendment Agreement to the Operation and Management Agreement with The Santacruz Residents Association and Smt. Bhikhubai Chandulal Jalundwala General Hospital (BCJ) (hereinafter referred to as "Trust") to enable the Company for execution of the project (construction of New hospital building) at Santacruz, Mumbai. Trust has made an application to the Charity Commissioner today for the same. This project will be executed upon receipt of approval from the Hon'ble Charity Commissioner, Mumbai.
The Company will construct 175 beded new hospital at Santacruz, Mumbai, equipped with state‐of‐the‐art equipment and technology, thereby leveraging our quality multi‐specialty services to many people of the city. The amendments include:
The Interest Free Security Deposit of Rs. 37.50 crore to be provided by the Company to the Trust, out of which Rs. 29.65 crore has already been provided to the Trust and the same shall be recovered in 30 years on yearly basis.
The Application to the Charity Commissioner, Mumbai to be made by the Trust.
The construction of new hospital building upon receipt of approval from Hon'ble Charity Commissioner, Mumbai and operations & management of newly constructed hospital facilities for 30 years.
The Trust will refund security deposit along with 9% interest within a period of 12 months, in case of non‐receipt of approval from Hon'ble Charity Commissioner, Mumbai.
Certain terms of the agreement viz, Charitable obligations, Commercial Operation Date, licenses and approvals, obligations of the trust and that of the Company, treatment of existing and future liabilities, etc.
The Company will construct 175 beded New hospital building upon receipt of approval from Hon'ble Charity Commissioner, Mumbai. The said hospital will be operationalized within a period of appx. 2 to 3 years post said approval.
Shares of Shalby Limited was last trading in BSE at Rs. 310.70 as compared to the previous close of Rs. 317.65. The total number of shares traded during the day was 85954 in over 1982 trades.
The stock hit an intraday high of Rs. 323.00 and intraday low of 307.80. The net turnover during the day was Rs. 27048488.00.
