Sandhar Technologies Limited to monetize immovable assets for Rs. 61 crores

In alignment with Sandhar Technologies Limited's strategic objective to consolidate and monetize its immovable assets, while ensuring that there is no disruption to its ongoing business operations, an Agreement to Sell in respect of the immovable property bearing No. 34/B, situated in Peenya 2nd Phase Industrial Area, within Survey Nos. 35 and 36 of Chokkasandra Village, Yeshwanthapura Hobli, Bangalore North Taluk, Bangalore District, has been executed.

The total consideration for the aforesaid transaction is INR 61,00,00,000/- (Indian Rupees Sixty-One Crores Only). Further, Company has received a sum of INR 15,00,00,000/- (Indian Rupees Fifteen Crore only) as earnest money upon execution of the Agreement to Sale.

As per the terms agreed with the purchaser, the Sale Deed will be executed within a maximum period of three (3) months from the date of signing the Agreement to Sell, an additional grace period of three (3) months shall be granted to the purchaser, for the delayed performance, if any.

The proceeds from the aforementioned sale will be utilized by the Company to support and finance its ongoing and future expansion initiatives. This includes investments in enhancing operational capacity, exploring new market opportunities, and strengthening the overall growth strategy of the business. The Company shall make the necessary intimation as and when the Sale Deed is executed.

Shares of Sandhar Technologies Limited was last trading in BSE at Rs. 399.40 as compared to the previous close of Rs. 395.60. The total number of shares traded during the day was 11455 in over 926 trades.

The stock hit an intraday high of Rs. 403.00 and intraday low of 391.70. The net turnover during the day was Rs. 4548198.00.

Source : Equity Bulls

Keywords

SandharTechnologies INE278H01035 Monetization ImmovableAssets