Time Technoplast Ltd signs MOU to sell land and building in South India

Time Technoplast Ltd has signed an MOU for selling the land & building located in Southern India, along with electrical installation & fixed equipments for a total consideration of Rs. 26.5 crores. This transaction is estimated to be completed before the end of current financial year, after compliance with local authorities.

The Company had decided to liquidate all Non-Core Assets by the end of FY 2025, considering the current business plan, and identified certain movable (plant & machinery, moulds, equipment etc.) and immovable (land and building) assets which are currently not in use and not useable in near future. The estimated total realizable value from all these assets put together is around Rs.125 crores (appx).

The company has appointed a Committee as directed by the Senior Management to expedite the sale process. The proceeds from these assets will be partly used for reduction of debt and partly towards expansion of existing established and Value-Added products.

Shares of Time Technoplast Limited was last trading in BSE at Rs. 178.70 as compared to the previous close of Rs. 176.70. The total number of shares traded during the day was 70714 in over 1389 trades.

The stock hit an intraday high of Rs. 180.00 and intraday low of 174.20. The net turnover during the day was Rs. 12488947.00.

Source : Equity Bulls

Keywords

TimeTechnoplast INE508G01029 MOU Land Building Sale NonCoreAssets