Summit Securities Limited arm sells stake in Sudarshan Electronics & TV Ltd

Summit Securities Limited's wholly owned subsidiary, Instant Holdings Limited ("Instant") had entered into a "Memorandum of Understanding" with Kojak Knits Private Limited ("Kojak" or "Buyer Company") to sell Instant's entire shareholding in its wholly owned subsidiary, Sudarshan Electronics & TV Limited ("Sudarshan"), subject to conclusion of a Share Purchase Agreement ("SPA").

In this regard, an SPA has been entered into between the parties and the entire shareholding of Instant held in Sudarshan has been transferred to Kojak effective May 7, 2024. Accordingly, Sudarshan ceases to be a subsidiary of Instant and the Company as well.

Sudarshan reported a total Income of Rs. 10.01 lakhs and its networth is Rs. 47.00 Lakhs for the financial year ended March 31, 2023. The income and networth of Sudarshan is attributed to Summit Securities Limited ("the Company') through its wholly owned subsidiary, Instant and represents 0.20% of the consolidated income of Summit and 0.01% of consolidated networth of Summit as on March 31, 2023 (the latest available audited financial statements of Summit).

Shares of Summit Securities Limited was last trading in BSE at Rs. 1463.25 as compared to the previous close of Rs. 1450.30. The total number of shares traded during the day was 536 in over 156 trades.

The stock hit an intraday high of Rs. 1474.80 and intraday low of 1415.00. The net turnover during the day was Rs. 775655.00.

Source : Equity Bulls

Keywords

SummitSecurities INE519C01017 InstantHoldings MoU KojakKnits SudarshanElectronicsandTV SPA