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XPRO India Ltd board approves sale of Biax division

Posted On: 2019-03-08 13:14:29

The Board of Directors of XPRO India Ltd at its meeting held on March 8, 2019 has decided to convene an Extra-Ordinary General Meeting of the Company to be held on Tuesday, April 16, 2019 at 10.30 a.m. at the Registered Office of the Company at Barjora-Mejia Road, P.O. Ghutgoria, Tehsil: Barjora, Dist. Bankura, West Bengal - 722 202, for seeking enabling approval of the members to sell / transfer or otherwise dispose of the Company's Biax Division, Barjora Unit - I manufacturing packaging grade BOPP Films, subject to necessary approvals.

The board also approved 'Term Sheet' executed (which is subject to necessary approvals and entering into Definitive Agreement) for sale / transfer of the Company's Biax Division, Barjora Unit -I, manufacturing packaging grade BOPP Film, situated at Barjora Mejia Road, Tehsil: Barjora, P.O. Ghutgoria, Bankura 722 202, West Bengal, on "as is where is" basis at a consideration of Rs. 6.78 Crores for Fixed Assets, with M/s East India Polyfilms Private Limited. The transaction is not a Related Party Transaction. The expected date of completion of sale is June 30. 2019 (subject to necessary approvals).

Shares of XPRO INDIA LTD. was last trading in BSE at Rs.38.45 as compared to the previous close of Rs. 39.35. The total number of shares traded during the day was 2035 in over 42 trades.

The stock hit an intraday high of Rs. 39.35 and intraday low of 37.7. The net turnover during the day was Rs. 77837.


Source: Equity Bulls

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