Sundaram Multi Pap Ltd to monetize non-operational assets in Nagpur

Sundaram Multi Pap Limited has entered into an ESCROW AGREEMENT with M/s. Sundaram Land and Assets Private Limited (a company engaged in land and asset management) on September 12, 2024 for the purpose of monetising its non-operational assets of its Nagpur Division comprising of non-core asset bearing Industrial land (1,09,000 sq. mt) situated at Sihora, Nagpur, Maharashtra for a consideration of Rs. 18.75 cores. Under the Escrow Agreement Sundaram Multi Pap Limited is expected to receive Rs. 18.75 crores in a span of 6 months from today and only upon receipt of money the ownership change on the assets be taking place, for the said purpose the ESCROW arrangement was put in place.

Sundaram Multi Pap Limited which is in need of money and desire to monetize the Nagpur Division through various means including sale, hive-off, enter into joint venture, lease or otherwise dispose of its non-core asset bearing Industrial land (1,09,000 sq. mt) situated at Sihora, Nagpur, Maharashtra where there are no-operations on such terms and conditions as may be deemed fit, and/or to enter into a special purpose acquisition company structures or escrow the asset in lieu of consideration as appropriate or sell the asset through escrow mechanism or as an undertaking to the purchaser or escrowed as a related party within the meaning of the Section 2(76) of the act on such terms and conditions, the said Nagpur Division Fixed Assets, consequent to the decision and approval of the EGM of the Company to exit from the said non-operational aforesaid lines of business in the aforesaid process.

Sundaram Multi Pap Limited had held its Extra Ordinary General Meeting on TUESDAY, AUGUST 6, 2024 and Sundaram Multi Pap Limited's shareholders have consented in majority to the Extra Ordinary General Meeting resolution for the said purpose. The company will update upon realization of money and escrow transfer of assets once the understanding is complete and successful.

Shares of Sundaram Multi Pap Limited was last trading in BSE at Rs. 2.95 as compared to the previous close of Rs. 2.95. The total number of shares traded during the day was 181872 in over 199 trades.

The stock hit an intraday high of Rs. 3.01 and intraday low of 2.91. The net turnover during the day was Rs. 538006.00.

Source : Equity Bulls

Keywords

SundaramMultiPap INE108E01023 EscrowAgreement SundaramLandandAssets NonOperationalAssets Monetization Nagpur