Cella Space Limited to sell land, building at Edayar for Rs. 93.84 crores

The Board of Directors of Cella Space Limited, at their meeting held on 05.07.2024 and continued & concluded on 07.07.2024, considered and approved the following:

Based on the approval given in the 216th Meeting dated 22.05.2024, Mr. S Rajkumar, Managing Director negotiated with M/s Kamakhya Industrial & Logistics Park Private Limited and agreed for sale of land and building and other assets to them for Gross Sale consideration of Rs. 9,384.66 Lakhs.

Board after discussion approved the sale of all the assets of the company including land, building etc. at Edayar for a total consideration 9,384.66 lakhs consideration mentioned above.

Board authorized the Managing Director to issue possession certificate to them as they have confirmed that the sale consideration agreed will be credited to our account from escrow account on 8th July 2024.

The Board also took note of utilization of funds as follows:

- Repayment of existing Loan with HDFC bank

- Adjustment of Interest free rent security deposits received from existing customers

- Redemption of preference capital

- Paying back of existing unsecured loans taken from Promoters/Related Parties, Unsecured creditors in part or full as per discretion of the Board

- Payment to creditors

- Balance shall be used for expansion of future projects after considering tax implications if any.

Shares of Cella Space Ltd was last trading in BSE at Rs. 12.10 as compared to the previous close of Rs. 12.20. The total number of shares traded during the day was 1460 in over 17 trades.

The stock hit an intraday high of Rs. 12.19 and intraday low of 11.60. The net turnover during the day was Rs. 17221.00.

Source : Equity Bulls

Keywords

CellaSpace INE266H01014 Land Building Sale Edayar