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Mac Charles India Ltd seeks shareholders approval for related party transactions

Posted On: 2019-03-22 08:05:45

The Board of directors of Mac Charles India Ltd at its meeting held on March 21, 2019 has decided to seek the approval of the members of the company through the postal ballot for ratification of the contract to Purchase crore from L J Victoria property for a total consideration of Rs 205 Property Private Limited, a related party.

The board seeks nod for extension of tenure of Inter Corporate Deposits given to Embassy Property limited, holding company and a related party, for Rs 35 crore upto March 31, 2020.

The board will also seek approval for investment of a sum upto Rs 260 crore to acquire 100% shareholding in Blue Lagoon Real Estate Private Limited and Neptune Real Estate Private Limited, which are related parties to the Company.

Shares of MAC CHARLES (INDIA) LTD. was last trading in BSE at Rs.320 as compared to the previous close of Rs. 317.6. The total number of shares traded during the day was 1007 in over 28 trades.

The stock hit an intraday high of Rs. 320 and intraday low of 301.75. The net turnover during the day was Rs. 312525.


Source: Equity Bulls

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