Oricon Enterprises Ltd to sell Plastic Closures business to Manjushree Technopack Ltd

Subject to Approval of Shareholders of Oricon Enterprises Limited through Postal Ballot and subject to the receipt of necessary approvals, permissions, consents from appropriate authorities, the Company has entered into a Business Transfer Agreement with Manjushree Technopack Limited for sale of Company's Business of 'Manufacturing, trading and Sale of Plastic Closures and Preforms' {Sale of Undertaking(s)} situated at Kundaim Industrial Estate, Kundaim in the state of Goa and IDCO Khordha in the state of Odisha by way of slump sale on a going concern basis.

The Enterprise Value of Rs. 520.00 Crores to be received on completion of sale/disposal subject to closing adjustments.

Oricon Enterprises Limited is engaged in the business of manufacturing, trading and sale of plastic closures, preforms, metal crowns, ROPP caps, collapsible tubes, petrochemicals, real estate, trading and investment activities. The Business of manufacturing, trading and sale of plastic closures and preforms is being sold.

Manjushree Technopack Limited is in the business of manufacturing, marketing, trading and/or sale of rigid plastic packaging.

Shares of Oricon Enterprises Limited was last trading in BSE at Rs. 41.52 as compared to the previous close of Rs. 46.75. The total number of shares traded during the day was 459349 in over 2184 trades.

The stock hit an intraday high of Rs. 47.95 and intraday low of 40.80. The net turnover during the day was Rs. 20155949.00.

Source : Equity Bulls

Keywords

OriconEnterprises INE730A01022 BusinessSale PlasticClosures Preforms ManjushreeTechnopack